Elementary Algebra Question

label Algebra
account_circle Unassigned
schedule 1 Day
account_balance_wallet $5

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

Studypool's Notebank makes it easy to buy and sell old notes, study guides, reviews, etc.
Click to visit
The Notebank
...
May 16th, 2015
...
May 16th, 2015
Jun 24th, 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