Question

Jessica has money in two savings accounts. One rate is 11% and the other is 14%. If she has $300 more in the 14% account and the total interest is $110, how much is invested in each savings account?

Answer 1

• $272 was invested in the savings account at 11%
• $572 was invested in the savings account at 14%

Explanation:

Let the amount in the savings account with 11% interest =x

She has $300 more in the 14% account.

Therefore amount saved at 14%=x+300

Simple Interest= Principal X (Rate/100) X Time

Since, the time is not given, we assume an annual interest.

Therefore, Time =1 Year

Total Interest = $110

Now, our total interest will be a sum of the interest earned at 11% and the interest earned at 14%.

`110=(x*0.11*1)+[(x+300)*0.14*1]\\110=0.11x+0.14x+42\\110=0.25x+42\\\text{Subtract 42 from both sides}\\110-42=0.25x+42-42\\68=0.25x\\\text{Divide both sides by 0.25 to obtain x}\\(68)/(0.25) =(0.25x)/(0.25) \\x=\$272`

Therefore:

• $272 was invested in the savings account at 11%
• $572 was invested in the savings account at 14%

Cheers!