Question

Joy invests a total of $6000 in two accounts paying 5% and 11% interest, respectively. How much was invested in each account if, after one year, the total interest was $570?

Answer 1

To solve how much was invested in each of two accounts with different interest rates when a total of $6000 is invested and $570 in interest are earned after one year, we set up and solve a system of linear equations.

Step-by-step explanation:

The student has a total of $6000 to invest in two separate accounts with different interest rates, one at 5% and the other at 11%. After one year, the total interest earned is $570. To address this question, we'll use a system of linear equations.

Let x be the amount invested at 5% and y be the amount invested at 11%. The two equations to represent the problem are:

1. x + y = $6000 (total amount invested)
2. 0.05x + 0.11y = $570 (total interest earned)

Using substitution or elimination method to solve this system will provide us with the values of x and y, which represent the amounts invested in each account.