Suppose that you invest 20000 into two accounts paying 7 and

Suppose that you invest $20.000 into two accounts paying 7% and 9% annual interest, respectively, if the total interest earned tor the year is $1550. how much was invested at each rate? For this Question. I only want you to tell me how you would set the equation(s) up to solve this. plied Problem Solving

Solution

Given :

Total amount = $20,000/-

Interest paid in 1 account = 7%

Interest paid in other account = 9%

Total Interest obtain after an year = $1550

let us consider the amount invested for 7% interest is $X and amount for 9% interest is $Y .

Now we know total amount is $20,000/-

X+Y = 20,000 --------------> 1

Interest 0n $X = 0.07*X

Interest on $Y = 0.09*Y

We know the total interest is $1550/-

0.07X+0.09Y = 1550 ---------> 2

So to obtain the amounts invested in each account , we need to solve equations 1 and 2

X+Y = 20,000

0.07X+0.09Y = 1550