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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 -

    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

  • math -

    x + y = 40,000
    .04x + 0.08y = 2,720

    x = 40,000 - y

    .04(40,000 - y) + 0.08y = 2,720

    1,600 - .04y + 0.08y = 2,720

    1,600 + 0.04y = 2,720

    0.04y = 1,120

    y = 28,000

    x = 40,000 - 28,000

    x = 12,000
    y = 28,000

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