Question

Stacey has a total of $6,000 in two accounts. The total

amount of interest she earns from both accounts in the
first year is $500. If one of the accounts earns 8%
interest per year and the other earns 9% interest per
year, how much did she invest in each account?

Answer 1

Answer:2750

Explanation:

let x be the amount in the 8% account and y be the amount in the 9% account, then:

8%x + 9%y = 500 (1)

now we can take another equation by solving for the sum of the money in both accounts:

x + y = 6000 (2)

multiplying equation (1) by 9 and subtracting that from equation (1) multiplied by 8 gives us:

9%x - 8%y = 500

or

(y-x)/y = 1/8

solving for y gives us:

y = 11/8x

substituting into equation (2) gives:

x + (11/8)x = 6000

solving for x gives:

x = 2000

thus, y = (11/8)*2000 = 2750