Question

Katy invests a total of $13,000 in two accounts paying 2% and 7% annual interest, respectively. How much was invested in each account if, after one year, the total interest was $310.00.

Invested at 2%___?
Invested at 7%___?

Answer 1

2 % amount = 12000 7% amount = 1000 dollars

Explanation:

x = 2% amount

then 13 000 - x = 7% amount

.02x + .07 (13000-x) = 310

-.05x + 910 = 310

.05x = 600

x = 600/.05 = 12000 then the 7% amount is 1000