Question

NEED HELP WITH MATH PROBLEM! <3
Scott invested a total of $9500 at two separate banks. One bank pays simple interest of 12% per year while the other pays a simple interest at a rate of 7% per year. If Scott earned $960.00 in interest during a single year, how much did he have on deposit in each bank?

Answer 1

x + y = 9500
.12x + .07y = 960

Answer 2

x = amount in bank one
y = amount in bank two

Answer 3

okay thank you
@Hero

Answer 4

What did you get for x and y?

Answer 5

im still working it out

Answer 6

what did you get?

Answer 7

i already know my answer is wrong

Answer 8

@Hero

Answer 9

Multiply both sides of the second equation by 100 to get

12x + 7y = 96000

Multiply both sides of the first equation by 7 to get
7x + 7y = 7(9500)

So now we have the following system:
12x + 7y = 96000
7x + 7y = 66500

Answer 10

We can subtract the equations to eliminate y

Answer 11

5x = 29500
x = 29500/5
x = 5900

Answer 12

Try to find y