Answer:z = $2286.5
y = $2713.5
Explanation:
Let z represent the amount of money invested at the rate of 7%.
Let y represent the amount of money invested at the rate of 9%.
Mr. Jones has part of his $5,000 savings in an account that earned 7% interest and the rest in an account that earned 9% interest.. This means that
z + y = 5000
The formula for simple interest is expressed as
I = PRT/100
Where
P represents the principal
R represents interest rate
T represents time
Considering the investment at the rate of 7%,
P = x
R = 7
T = 1
I = (z × 7 × 1)/100 = 0.07z
Considering the investment at the rate of 9%,
P = y
R = 9
T = 1
I = (y × 9 × 1)/100 = 0.09y
if his annual income from the total investment was 404.27, it means
0.07z + 0.09y = 404.27 - - - - - -1
Substituting z = 5000 - y into equation 1, it becomes
0.07(5000 - y) + 0.09y = 404.27
350 - 0.07y + 0.09y = 404.27
- 0.07y + 0.09y = 404.27 - 350
0.02y = 54.27
y = 54.27/0.02 = $2713.5
Substituting y = 2713.5 into z = 5000 - y, it becomes
z = 5000 - 2713.5 = $2286.5