Question

Helene invested a total of $1,400 in two simple-interest bank accounts. One account paid 5% annual interest; the other paid 9% annual interest. The total amount of interest she earned after 1 year was $102. Find the amount invested in each account.

Answer 1

$600 and $800

Explanation:

let : first bank account =x

second bank account = y

0.05 x + 0.09 y = 102 => (× 20)

=>

x + 1.8 y = 2040

x + y = 1400

--------------------------- -

0.8y = 640

y = 640/0.8 = 800

x = 1400 - 800 = 600

the amount invested in each account :

bank with 5% annual interest = $600

bank with 9% annual interest = $800