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Timothy invested a total of $7,500 in two accounts. One account pays 3% interest annually; the other pays 2% interest annually. At the end of the year, Timothy earned a total of $175 in interest. Write and solve a system of equations' to find how much money Timothy invested in each account.

Timothy invested ___in 3% account and ______in the 2% account

1 Answer

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Answer:

  • Timothy invested $2500 in 3% account and $5000 in the 2% account

Explanation:

Let the investments be x and y.

Required equations are:

  • x + y = 7500
  • 0.03x + 0.02y = 175

Solve the system by elimination, multiply the second equation by 50 and subtract the first one:

  • 50(0.03x) + 50(0.02y) - x - y = 50(175) - 7500
  • 1.5x - x = 1250
  • 0.5x = 1250
  • x = 2500

Find the value of y:

  • 2500 + y = 7500
  • y = 5000
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