Question

Jessica has money in two savings accounts. One rate is 7% and the other is 13%. If she has $800 more in the 13% account and the total interest is $333, how much is invested in each savings account?

Answer 1

Given:

Account 1:

Principal amount (P)= x

Rate (R) = 7%

Account 2:

Principal amount (p) = x+800

Rate (R) = 13%

Total interest = $333

The simple interest is given as,

`\begin{gathered} I=\text{PRN} \\ I_1+I_2=333 \\ x*(7)/(100)*1+(x+800)*(13)/(100)*1=333 \\ x*(7)/(100)+(x+800)*(13)/(100)=333 \\ 0.07x+0.13x+104=333 \\ 0.2x=229 \\ x=(229)/(0.2) \\ x=1145 \end{gathered}`

So, the amount in account 1 is x = $1145

Account 2: x+800= $1945

The interest in each account is,

Account 1 :

`\begin{gathered} I_1=x*(7)/(100)*1 \\ =1145*(7)/(100) \\ =80.15 \end{gathered}`

Account 2: