Question

Hattie had $8800 to invest and wants to earn 3.1% interest per year. She will put some of the money into an account that earns 2.3% per year and the rest into an account that earns 4.5% per year. How much money should she put into each account?

Answer 1

In this case, we'll have to carry out several steps to find the solution.

Step 01:

Data:

total money = $8800

rate (interest) = 3.1%

Step 02:

equation:

x = account 1 (money)

8800 - x = account 2 (money)

2.3% * x + 4.5% * (8800 - x) = 3.1% * 8800

0.023x + 0.045(8800 - x) = 0.031(8800)

0.023x + 396 - 0.045 x = 272.8

-0.022x = 272.8 - 396

-0.022x = -123.2

x = -123.2 / (-0.022)

x = 5600 ===> account 1 (money)

8800 - 5600 = 3200 ===> account 2 (money)

The answer is:

account 1 (money) = $ 5600

account 2 (money) = $ 3200