Travis has a savings account that his parents opened for him. It pays 6% annual interest. His uncle also opened and account for him, but it pays 8% annual interest. If there is $800 more in the account that pays 6%, and the total annual interest from both accounts is $104, how much money is in each of the accounts? Show your work, using algebra.

Question

Travis has a savings account that his parents opened for him.  It pays 6% annual interest.  His uncle also opened and account for him, but it pays 8% annual interest.  If there is $800 more in the account that pays 6%, and the total annual interest from both accounts is $104, how much money is in each of the accounts?  Show your work, using algebra.

anonymous · Answer

x is the money in 6% account. y is the money in 8% account.
there's $800 more in the 6% account: x = y + 800
the total annual interest is $104: 0.06x + 0.08y = 104

Now substitute "y + 800" for x in the second equation and solve for y. Then add 800 and you have x.

anonymous · Answer

did you get it? or you need more explanation on this?

anonymous · Answer

I didn't the answer...do i subsitute y+800 and then after that what do I do

anonymous · Answer

you substitute (y+800) for x in the equation 0.06x + 0.08y = 104
in which it is when u substitute it looks like this 0.06(Y+800) + 0.08y = 104
and then solve for y.

anonymous · Answer

0.08 y+0.06 (y+800) = 104
Expand out terms of the left hand side:
0.14 y+48. = 104
Subtract 48. from both sides:
0.14 y = 56.
Divide both sides by 0.14:
y = 400.