Question

A company invested $29,000, putting part of it into a savings account that earned 3.2% annual simple interest and the remainder in a stock fund that earned 12.4% annual simple interest. If the investments earned $1572 annually, how much was in each account?

Answer 1

.032x + .124y = 1,572
x + y = 29,000

Then solve for x and y

Answer 2

um

Answer 3

a) .032x + .124y = 1,572
b) x + y = 29,000

Divide equation "a" by -.032
a) -x -3.875y = -49,125
b) x + y = 29,000

Now add equations "a" and "b"
The "x" will zero out and you can then solve for "y"