Elementary Algebra Question

Algebra
Tutor: None Selected Time limit: 1 Day

Jane saved $3,200 in two separate accounts. One account earns 4% annual interest and the other earns 5.2% in annual interest. If her total interest for the year was $140, then how much was in each account.

May 16th, 2015

Let us call the first account Account A and the money in it $x.

Let us also call the second account Account B and the money in it $y.

From the given information, we know that 4% of the money in account A add 5.2% of the money in account B makes up $140. Therefore, we get the equation: 0.04x + 0.052y = $140. Let's call this equation 1.

Also, we know that x + y = $3200, since this is the total amount of money. Let's call this equation 2.

If we rearrange equation 2 we get y = 3200 - x.

We then substitute back into equation 1 to solve for x:

0.04x + 0.052(3200 - x) = 140  ==>  0.04x + 166.4 - 0.052x = 140  ==>  -0.012x = -26.4  ==>  x = $2200.

Also, y = 3200 - 2200 = $1000.

Therefore, Account A has $2200 and Account B has $1000.

May 16th, 2015

Did you know? You can earn $20 for every friend you invite to Studypool!
Click here to
Refer a Friend
...
May 16th, 2015
...
May 16th, 2015
Mar 28th, 2017
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer