Question

Could someone help me understand how to solve this? I'm having trouble with it, it's about Applications of Systems of Linear Equations.

Answer 1

Therefore the amount in the 4% savings account = $550

Explanation:

i) the total amount = $1500

ii) let the amount placed in the 4% interest savings account = x

iii) let the amount placed in the 5% interest savings account = y

iv) therefore fro i) we can say x + y = 1500

v) the total interest gained = $69.5

vi) therefore we can write 0.04x + 0.05y = 69.50

vii) multiplying equation vi) with 100 we get 4x + 5y = 6950

viii) Multiplying the equation in iv) by 5 we get 5x + 5y = 7500

ix) Subtracting equation in vii) from equation in viii) we get x = $550

x) Therefore the amount in the 4% savings account = $550