Question

Tyler invests $9700 in two different accounts. The first account paid 10%, the second account paid 9% in interest. At the end of the first year he had earned $931 in interest. How much was in each account?

Answer 1

First account: $6380.

Second account: $4251.

Explanation:

let the first account have $x at the start of the first year

So at the end of 1 year it had x + 0.1x = $1.1x

In the same we we calculate the amount in the second account

= $1.09(9700 - x)

So we have the following equation

1.1x + 1.09(9700 - x) = 9700 + 931

1.1x + 10573 - 1.09x = 10631

0.01x = 10631 - 10573 = 58

x = 58/0.01

=$5800

So at the end of the year there was

5800 * 1.1 = $6380 in first account

and

the second account had

1.09 (9700 - 5800) = $4251.