You split $1500 between two savings accounts. Account A pays annual 5% interest and Account B pays 4% annual interest. After one year, you have earned a total of $69.50 in interest. How much money did you invest in each account?
Let's say you invested x amount of money in Account A and y amount of money in Account B.
Therefore, x + y = 1500
Account A pays 5% interest, so the interest earned from Account A after one year would be 0.05x.
Account B pays 4% interest, so the interest earned from Account B after one year would be 0.04y.
Given that the total interest earned is $69.50:
0.05x + 0.04y = 69.50
Now we can solve the system of equations:
x + y = 1500 (1)
0.05x + 0.04y = 69.50 (2)
From equation (1), we have x = 1500 - y
Substitute x = 1500 - y into equation (2):
0.05(1500 - y) + 0.04y = 69.50
75 - 0.05y + 0.04y = 69.50
0.01y = 5.50
y = 550
Now substitute y = 550 back into x = 1500 - y:
x = 1500 - 550
x = 950
Therefore, you invested $950 in Account A and $550 in Account B.