John invested 13,500 in 2 accounts, one paying 6% and the other one paying 8%, h

Question

John invested 13,500 in 2 accounts, one paying 6% and the other one paying 8%, he received $990 in interest for 1 year. How much did he invest at each rate.

Explanation / Answer

Let John invested $ x at 6% rate and $ y at 8% rate. so, total investment is : x+y = 13500 (given in the problem).................(1) interest on x for 1 year = x*6/100 = 3x/50 interest on y for 1 year = y*8/100 = 2y/25 = 4y/50 total interest for 1 year = 3x/50 + 4y/50 so, 3x/50+4y/50 = 990 dollars (given in the problem) => 3x+4y = 990*50 = 49500 .......................................................(2) solving eqns. (1) and (20, 4x+4y = 54000 (by multiplying by 4 on both sides of eqn. (1) ) 3x+4y = 49500 (eqn. (2) ) subtracting, we get x = 4500 dollars and from eqn. (1) we get y = 13500 - x = 13500 - 4500 = 9000 dollars answer : John invested $ 4500 at 6% rate and $ 9000 at 8% rate.

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