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%
Q. 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%
Define Variables: Let's denote the amount invested in the 12\% account as x and the amount in the 4\% account as y. We know the total investment is $7200, so: x+y=7200
Calculate Total Interest: Next, we calculate the total interest from both accounts. The interest from the first account is 12% of x, and from the second account, it's 4% of y. The total interest earned is $744, so:0.12x+0.04y=744
Solve for y: Now, we solve these equations simultaneously. First, solve the first equation for y:y=7200−x
Substitute in Equation: Substitute y in the interest equation:0.12x+0.04(7200−x)=7440.12x+288−0.04x=7440.08x=456
Find x: Divide by 0.08 to find x: x=0.08456 x=5700
More problems from Multi-step problems with percents