Question

PLEASE HELP ME!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Cameron invests $11000 in two different accounts. The first account paid 14 %, the second account paid 7 % in interest. At the end of the first year he had earned $1120 in interest. How much was in each account?

$ ___ at 14 %

$ ___ at 7 %

Answer 1

I = prt

interest = principal*rate*time

If we invest $x at 14% we invest $(11000-x) at 7%

816 = .06x(1) + .7(11000-x)(1)

816 = .06x + 770 - .7x

.14x - .06x = 770-1120

.-21x = -350

x = 248/.08

x = $1181 invested at 14%

11000-x = 9819 invested at 7%