Question

A person had $17,000 invested in to accounts One paying 7% simple interest And one paying 8% simple interest. How much was invested In each account if the interest rate after one year is $1356?

Answer 1

A1 7% = $400 & A2 8% = $16,600

Explanation:

A1 * 7% + A2 * 8% = 1356

A1 + A2 = 17000

A1 = 17000 - A2

(17000 - A2) * 0.07 + A2 * 0.08 = 1356

1190 - 0.07 A2 + 0.08 A2 = 1356

1190 + 0.01 A2 = 1356

0.01 A2 = 166

A2 = 16600

A1 = 17000 - A2

A1 = 17000 - 16600

A1 = 400