Question

Mrs. Ming invested an amount of money in two accounts for one year. She invested some at 8% interest and the rest at 6% interest. Her total amount invested was $1,500. At the end of the year, she had earned $106.40 in interest. How much had Mrs. Ming invested in the account paying 6%?

Answer 1

let s = the amount invested in the 6% account
let e = the amount invested in the 8% account

"total amount = 1,500" means s + e = 1500

amount earned in interest = (interest rate) * (amount invested) so applying this to both accounts

0.06*s + 0.08*e = 106.40

so putting both our equations together

s + e = 1500
0.06*s + 0.08*e = 106.40

solve for s

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