Mary has a total of $5000 invested in two accounts. One account pays 5% and the other 8%. Her interest in the first year was $331. Write and solve a system of equations to find out how much she has invested in both accounts.

Question

Mary has a total of $5000 invested in two accounts.  One account pays 5% and the other 8%.  Her interest in the first year was $331.  Write and solve a system of equations to find out how much she has invested in both accounts.

PsyDAG · Answer

x = 5000-y

.05x + .08y = 331

Substitute 5000-y for x in second equation and solve for y. Insert that value into the first equation and solve for x. Check by inserting both values into the second equation.

Where can I find those interest rates?