Question

Brian has money in two savings accounts. One rate is5% and the other is10 %. If he has$900 more in the10 % account and the total interest is$273, how much is invested in each savings account?

Answer 1

Let x represent the amount invested at 5%

Let y represent the amount invested at 10%

Given that he has $900 more in the 10% account, it means that

x + 900 = y (equation 1)

The interest for the amount invested at 5% would be

5/100 * x = 0.05x

The interest for the amount invested at 10% would be

10/100 * y = 0.1y

Given that the total interest is $273, it means that

0.05x + 0.1y = 273 (equation 2)

By substituting equation 1 into equation 2, it becomes

0.05x + 0.1(x + 900) = 273

0.05x + 0.1x + 90 = 273

0.05x + 0.1x = 273 - 90

0.15x = 183

x = 183/0.15

x = 1220

y = x + 900 = 1220 + 900

y = 2120

$1220 was invested at 5% and $2120 was invested at 10%