Answered

Amelia just received a $9000 bonus. She has been advised to invest her bonus into two accounts one using 3% invest per anon and the other 8% per annum. If Amelia wants to earn 580 in interest how much should she put in each account?

Answer :

Answer:

Amelia will invest $2800 and $6200 in the two accounts.

Step-by-step explanation:

Let us assume that Amelia has invested $x and $y in the two accounts respectively.

So, x + y = 9000 ...... (1)

Again the total interest is $580 for investing $x in 3% annual interest and $y in 8% annual interest.

Hence, [tex]\frac{3x}{100} +\frac{8y}{100} = 580[/tex]

⇒ 3x + 8y = 58000 ..... (2)

Now, solving equations (1) and (2) we get,

5y = 58000 - ( 9000 × 3 )  

⇒ 5y = 31000

⇒ y = 6200

Hence, from equation (1) , x = 9000 - 6200 = 2800

Therefore, Amelia will invest $2800 and $6200 in the two accounts. (Answer)

Other Questions