Question

Brian has money in two savings accounts. One rate is 11% and the other is 15% . If he has 900$ more in the 15% account and the total interest is $213, how much is invested in each savings account?

Answer 1

Let the amount invested in the account with 11% rate be $p

For the first account:

Amount invested = $p

Interate rate = 11%

The interest gained on this account = 11% of p = 11/100 x p = $0.11p

For the second account, we are told he has $900 more. Thus

Amount invested = $(p + 900)

Interest rate = 15%

The interest gained on this account = 15% of (p + 900) = $0.15(p+900)

We are told the total interest is $213,

This means

$0.11p + $0.15(p+900) = 213

0.11p + 0.15(p + 900) = 213

0.11p + 0.15p + 135 = 213

0.26p + 135 = 213

0.26p = 213 - 135

0.26p = 78

Divide both sides by 0.26

p = 78/0.26

p = 300

Hence, the amount invested in the first account is $300

While the amount invested in the second account is

(p + 900) = 300 + 900 = $1200