Question

Kevin has money into savings accounts. One rate is 7% and the other is 8%, If he has $150 more than the 8% account and the total interest is $51 how much is invested in each savings account?

Answer 1

Let x be the total invested in at the 7% account and y the total invested at the 8% account.

Since he has $150 more than the 8% account, it implies that x + y = y + 150 and, therefore, x = $150

Since the total interest is $51, we have:

0.07x + 0.08y = 51

0.07*150 + 0.08y = 51

10.5 + 0.08y = 51

0.08y = 40.5

y = 40.5/0.08 = $506.25

Kevin has $150 at the 7% account and 506.25 at the 8% account.