Final answer:
To solve how much was invested in each account, we set up a system of equations based on the total investment and the interest earned. Using substitution or elimination methods, we can figure out the individual amounts invested at 4% and 5% interest. $1,270.
Step-by-step explanation:
Chris invests a total of $27,000 in two accounts paying 4% and 5% annual interest, respectively. If, after one year, the total interest was $1,270, we need to determine how much was invested in each account. Let's denote the amount invested at 4% as x and the amount invested at 5% as y. Since the total investment is $27,000, we can write the equation x + y = $27,000. The total interest for the year from both accounts is 0.04x + 0.05y = $1,270. This is a system of linear equations that can be solved using substitution or elimination methods.
Solve the first equation for y to get y = $27,000 - x. Substitute this into the second equation to get 0.04x + 0.05($27,000 - x) = $1,270. Simplify and solve for x. After finding x, substitute it back into y = $27,000 - x to find y. By doing this, we will determine the amounts invested in each account.