Question

Sam invests $6000 in two different accounts. The first account paid 12 %, the second account paid 7 % in interest. At the end of the first year he had earned $590 in interest. How much was in each account? $_____ at 12% $_____ at 7%

Answer 1

The amount in the account at 12% interest is $3400 and the amount in the second account at 7% interest is $2600

Explanation:

Let x be the amount in the account at 12% interest

So, 6000-x is the amount in the second account at 7% interest

`SI = (P * T * R)/(100)`

First account:
`SI=(x * 1 * 12)/(100)`

Second account :
`SI =((6000-x) * 1 * 7)/(100)`

We are given that At the end of the first year he had earned $590 in interest.

So,
`(x * 1 * 12)/(100)+((6000-x) * 1 * 7)/(100)=590\\x=3400`

So,the amount in the account at 12% interest is $3400

The amount in the second account at 7% interest =6000-x=6000-3400=2600

Hence the amount in the account at 12% interest is $3400 and the amount in the second account at 7% interest is $2600