Question

9. Gohan has $5000 to invest. He puts part in a savings

account that earns 6% interest and the rest in a high
interest savings account that pays 8%. If the total
interest for a year was $320, how much was put in each
account?

Answer 1

$4000 at 6%

$1000 at 8%

Explanation:

let 'x' = portion of principle

let '5000-x' = another portion of principle

.06(5000-x) + .08(x) = 320

distribute .06 to get:

300 - .06x + .08x = 320

subtract 300 from each side:

-.06x + .08x = 20

.02x = 20

x = 20/.02

x = 1000

5000 - x = 1000

x = 4000