Question

Jamall invest $6000 in two different accounts. the first account paid 2%, the second account paid 12% in interest. at the end of the first year he had earned $390 in interest. how much within each account account?

Answer 1

Jamall has $3300 in the first account and $2700 in the second account.

Step-by-step explanation:

To solve this problem, we can set up a system of equations. Let's say the amount invested in the first account is 'x' and the amount invested in the second account is 'y'. We can write the following equations:

x + y = 6000 (since Jamall invests a total of $6000)

0.02x + 0.12y = 390 (since the interest earned in the first year is $390)

Solving these equations simultaneously will give us the values of 'x' and 'y'.

Multiplying the first equation by 0.02, we get:

0.02x + 0.02y = 120

Now, subtracting this equation from the second equation, we get:

0.12y - 0.02y = 390 - 120

0.1y = 270

Simplifying, we find:

y = 2700

Substituting this value back into the first equation, we get:

x + 2700 = 6000

Solving for 'x', we find:

x = 3300

Therefore, Jamall has $3300 in the first account and $2700 in the second account.