Question

Hattie had $3,000 to invest and wants to earn 10.6% interest per year. She will put some of the money into an account that earns 12% per year and the rest into an account that earns 10% per year. How much money should she put into each account?

Answer 1

Answer:

The amount of money that should be invested at the rate of 12% is $900 and the amount money that should be invested at the rate of 10% is $2,100

Step-by-step explanation:

Let

x ------> the amount of money that should be invested at the rate of 12%

3,000-x -----> the amount money that should be invested at the rate of 10%

we know that

The sum of the interest on each of the accounts must be equal to the total interest.

$3,000(10.6\%)=x(12\%)+(3,000-x)(10\%)$

Solve for x

$31,800=12x+30,000-10x$

$12x-10x=31,800-30,000$

$2x=1,800$

$x=\ 900$

$\ 3,000-x=\ 2,100$

therefore

The amount of money that should be invested at the rate of 12% is $900 and the amount money that should be invested at the rate of 10% is $2,100