Question

Hattie had $3900 to invest and wants to earn 3.6% interest per year. She will put some of the money into an account that earns 2.1% per year and the rest into an account that earns 4.7% per year. How much money should she put into each account?

Answer 1

Hattie should put approximately $1650 into the account that earns 2.1% interest and $2250 into the account that earns 4.7% interest.

Step-by-step explanation:

Let's say Hattie puts $x into the account that earns 2.1% interest and $3900 - x into the account that earns 4.7% interest.

The interest earned on the account that earns 2.1% interest per year would be x * 2.1% = 0.021x dollars.

The interest earned on the account that earns 4.7% interest per year would be (3900 - x) * 4.7% = 0.047(3900 - x) dollars.

To find the amount Hattie should put into each account, we need to set up the equation:

0.021x + 0.047(3900 - x) = 3.6% * $3900

Simplifying the equation: 0.021x + 183.3 - 0.047x = 140.4

Combining like terms: -0.026x + 183.3 = 140.4

Subtracting 183.3 from both sides: -0.026x = -42.9

Dividing both sides by -0.026: x ≈ 1650

Therefore, Hattie should put approximately $1650 into the account that earns 2.1% interest and $3900 - $1650 = $2250 into the account that earns 4.7% interest.