Homework Help: math

Posted by chanell on Friday, October 14, 2011 at 2:05pm.

Mr. Wilson invested money in two accounts. His total investment was $40,000. If one account pays 4% in interest and the other pays 8% in interest, how much does he have in each account if he earned a total of $2,720 in interest in 1 year?

math - Steve, Friday, October 14, 2011 at 3:11pm
invest x at 4%, y at 8%

x + y = 40000
.04x + .08y = 2720

.08x + .08y = 3200
.04x + .08y = 2720

now subtract:

.04x = 480
x = 12000
y = 28000

.04*12000 + .08*28000 = 480 + 2240 = 2720

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