233k views
1 vote
Brian has money in two savings accounts. One rate is11 % and the other is14 %. If he has$550 more in the14 % account and the total interest is$102, how much is invested in each savings account?

User Marcal
by
4.7k points

1 Answer

1 vote

Data

rate 1 = 11%

rate 2 = 14%

account 1 = y

account 2 = y + 550

total interest = $102

total interest = account 1 x rate 1 / 100 + account 2 x rate 2/ 100

Substitution

102 = (y x 11)/100 + [(y+550) x 14]/100

Solve for y

102 = 0.11y + 0.14y + 77.77

102 - 77.77 = 0.25y

24.23 = 0.25y

y = 24.23/0.25

y = 96.92

account 1 has $96.92

account 2 has $96.92 + $500 = $596.92

User Ellisa
by
4.5k points