Description
A total investment of $9,500 is made into two savings accounts. One account yields 9% simple interest and the other 10% simple interest. He earns a total of $921.00 interest for the year. How much was invested in the 9% account?
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Explanation & Answer
I solved this then the webpage crashed :( I had a longer response that was very detailed...but I will shorten and post it here. This is correct. I'm confident. Let me know if you have any question on any step.
Here it is again.
We know that I=PRT
Itotal=P1R1T1+P2R2T2
plug in values.
921=.09P1+.1P2 (Eqn 1)
9500=P1+P2
Now we need P1 eventually, so solve for P2 in Eqn 2 and substitute into Eqn 1.
921=.09P1 + .1 (9500-P1)
921=.09P1 + 950 - .1P1
-29 = .01 P1
P1= $2900
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