Ngoc invests a total of $28,000 in two accounts paying 8% and 4% annual interest, respectively. How much was invested in each account if, after one year, the total interest was $1,780.00.
$__ was invested at 8% and $__ was invested at 4%
Let's call the amount invested at 8% x and the amount invested at 4% y.
Account 1 (8%): x
Account 2 (4%): y
The total amount invested is $28,000:
x + y = $28,000
The interest earned on the first account is 8% of x:
0.08x
The interest earned on the second account is 4% of y:
0.04y
The total interest earned is $1,780.00:
0.08x + 0.04y = $1,780.00
We can now set up a system of equations:
x + y = $28,000
0.08x + 0.04y = $1,780.00
We can solve this system of equations by substitution or elimination to find the values of x and y.