Bytelearn - cat image with glassesAI tutor

Welcome to Bytelearn!

Let’s check out your problem:

Pedro invests $7200 in two different accounts. The first account paid 12%, the second account paid 4% in interest. At the end of the first year he had earned $744 in interest. How much was in each account?

$ ◻ at 12%

$ ◻ at 4%

Pedro invests $7200\$7200 in two different accounts. The first account paid 12%12\%, the second account paid 4%4\% in interest. At the end of the first year he had earned $744\$744 in interest. How much was in each account?\newline$\$ ◻ at 12%12\%\newline$\$ ◻ at 4%4\%

Full solution

Q. Pedro invests $7200\$7200 in two different accounts. The first account paid 12%12\%, the second account paid 4%4\% in interest. At the end of the first year he had earned $744\$744 in interest. How much was in each account?\newline$\$ ◻ at 12%12\%\newline$\$ ◻ at 4%4\%
  1. Define Variables: Let's denote the amount invested in the 1212\% account as xx and the amount in the 44\% account as yy. We know the total investment is $7200\$7200, so: x+y=7200x + y = 7200
  2. Calculate Total Interest: Next, we calculate the total interest from both accounts. The interest from the first account is 12%12\% of xx, and from the second account, it's 4%4\% of yy. The total interest earned is $744\$744, so:\newline0.12x+0.04y=7440.12x + 0.04y = 744
  3. Solve for y: Now, we solve these equations simultaneously. First, solve the first equation for yy:y=7200xy = 7200 - x
  4. Substitute in Equation: Substitute yy in the interest equation:\newline0.12x+0.04(7200x)=7440.12x + 0.04(7200 - x) = 744\newline0.12x+2880.04x=7440.12x + 288 - 0.04x = 744\newline0.08x=4560.08x = 456
  5. Find xx: Divide by 0.080.08 to find xx:
    x=4560.08x = \frac{456}{0.08}
    x=5700x = 5700

More problems from Multi-step problems with percents