Question

Jaheem invests $10,000 in two different money markets. The first earned 12.5% in one year, the second earned 8.25%. If he earned $925 in interest, how much did he invest in each account?

Answer 1

Let X be the amount Jaheem invested in the first money market, and Y be the amount he invested in the second money market. We can set up the following system of equations to represent the given information:

X + Y = 10000 (1)

0.125X + 0.0825Y = 925 (2)

We can solve this system of equations using any method of your choice, such as elimination or substitution.

Using elimination, we can multiply equation (1) by 0.125 and equation (2) by 10,000 to eliminate Y:

1.25X + 1250Y = 1250000

125X + 82500Y = 9250000

Subtracting the first equation from the second gives us:

124X + 82350Y = 8037500

Y = (8037500 - 124X)/82350

Substituting this expression for Y into equation (1) and solving for X gives us:

X + (8037500 - 124X)/82350 = 10000

X = $7,500

Therefore, Jaheem invested $7,500 in the first money market and $2,500 in the second money market.

Explanation:

SELF EXPLANATORY