Question

Ann's $6,900 savings is in two accounts. One account earns 3% annual interest and the other earns 8%. Her total interest for the year is $342. How much does she have in each account?

Answer 1

x=4200, y=2700

Explanation:

let x be first account

y the second

x+y=6900

0.03x+0.08y=342

solve by addition/elimination)

multiply first equation by 0.03

0.03x+0.03y=207 subtract from second

0.03x+0.03y-0.03x-0.08y=207-342

0.05y=135

y=2700, x=4200