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Peter has money in two savings accounts. One rate is 9% and the other is 11 %. If he has $400 more in the 11 % account and the total interest is $117. how much isinvested in each savings account?

User Exegesis
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1 Answer

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Let x be the money Peter has invested in the 9% rate account, and y be the money in the 11% account, then we can set the following system of equations:


\begin{gathered} y=x+400, \\ 0.09x+0.11y=117. \end{gathered}

Substituting the first equation in the second one we get:


0.09x+0.11(x+400)=117.

Solving for x we get:


\begin{gathered} 0.09x+0.11x+44=117, \\ 0.2x=117-44=73, \\ x=(73)/(0.2), \\ x=365. \end{gathered}

Substituting x=365 in the first equation we get:


y=365+400=765.

Answer: Peter has $365 invested in the 9% account and $765 in the other one.

User Jahooma
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