Stacy has a total of $6000 in two accounts.the amount of interest she earns from both accounts in the first year is $500.if one of the accounts earns 8% interest per year and the other earns 9% interest per year, how much did she invest in each account?
The name of your school is NOT the name of your school subject.
To solve this problem, let's assume Stacy invested x dollars in the account earning 8% interest and (6000 - x) dollars in the account earning 9% interest.
Now, we can use the formula for simple interest to calculate the interest earned from each account:
Interest_1 = Principal_1 * Rate_1 * Time_1
Interest_2 = Principal_2 * Rate_2 * Time_2
Where:
Interest_1 = interest earned from the first account (8% interest)
Principal_1 = principal amount invested in the first account (x dollars)
Rate_1 = interest rate of the first account (8% or 0.08)
Time_1 = time period (in years) for which the interest is earned (1 year)
Interest_2 = interest earned from the second account (9% interest)
Principal_2 = principal amount invested in the second account ($6000 - x dollars)
Rate_2 = interest rate of the second account (9% or 0.09)
Time_2 = time period (in years) for which the interest is earned (1 year)
Given that Interest_1 + Interest_2 = $500, we can substitute the above values to get:
Principal_1 * Rate_1 * Time_1 + Principal_2 * Rate_2 * Time_2 = $500
Simplifying further, we have:
x * 0.08 * 1 + (6000 - x) * 0.09 * 1 = $500
0.08x + 0.09(6000 - x) = $500
Now, let's solve for x:
0.08x + 540 - 0.09x = $500
0.01x = 500 - 540
0.01x = -$40
x = -$40 / 0.01
x = -$4000
Since the result is a negative value, it doesn't make sense in the context of the problem. It seems there is an issue or error in the given information or calculations. Please double-check the values and try again.