Answer: $800 was invested at 3%
$1200 was invested at 5%
Step-by-step explanation:
Let x represent the amount that Ms. Buxx invested in the 3% account.
Let y represent the amount that Ms. Buxx invested in the 5% account.
Ms. Buxx invested a total of $2000
in two savings accounts. The first
account pays 3% interest per year.
The second account pays 5% interest
per year. This means that
x + y = 2000
Considering the amount invested in the 3% interest account, the interest after a year would be
(x × 3 × 1)/100 = 0.03x
Considering the amount invested in the 5% interest account, the interest after a year would be
(y × 5 × 1)/100 = 0.05y
If the interest from both
accounts totals $84 per year, it means that
0.03x + 0.05y = 84 - - - - - - - - - - - 1
Substituting x = 2000 - y into equation 1, it becomes
0.03(2000 - y) + 0.05y = 84
60 - 0.03y + 0.05y = 84
- 0.03y + 0.05y = 84 - 60
0.02y = 24
y = 24/0.02 = 1200
x = 2000 - y = 2000 - 1200
x = 800
