Ask Question
28 June, 20:36

Mr. Wilson invested money in two accounts. His total investment was $18,000. If one account pays 5% in interest and the other pays 10% in interest, how much did he invest in each account if he earned a total of $1,250 in interest in 1 year?

+5
Answers (1)
  1. 28 June, 20:48
    0
    he Invested $11,000 in the 5% interest account and $ 7,000 in the 10% interest account.

    Step-by-step explanation:

    Let x and y represent the amount he Invested in the two accounts (5% and 10% respectively)

    Given that the total investment is $18,000

    x + y = 18000 ... 1

    If he earned a total of $1,250 in interest in 1 year.

    0.05 (x) + 0.10 (y) = 1250 ... 2

    Solving the simultaneous equation,

    Divide equation 2 through by 0.05

    x + 2y = 25000 ... 3

    Subtract equation 1 from 3

    x-x + 2y-y = 25000-18000

    y = 7000

    From equation 1

    x = 18000 - y = 18000 - 7000

    x = 11000

    Therefore, he Invested $11,000 in the 5% interest account and $ 7,000 in the 10% interest account.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Mr. Wilson invested money in two accounts. His total investment was $18,000. If one account pays 5% in interest and the other pays 10% in ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers