You split $1,500 between two savings accounts. Account A pays 5% annual interest and Account B pays 4% annual interest. After one year, you have earned a total of $69.50 in interest. How much money did you invest in each account. Explain.
Let a be the amount you invest in Account A. So this means you invested 1500 - A in account B. We have the following equation:
05a + (1500 - a).04 = 69.50
Simplifying, we get:
0.05a + 1560 - 0.04a = 69.50
0.01a + 60 = 69.50
Using our equation solver, we get:
a = 950
So this means Account B is b = 1500 - 950 = 550
Let a be the amount you invest in Account A. So this means you invested 1500 - A in account B. We have the following equation:
05a + (1500 - a).04 = 69.50
Simplifying, we get:
0.05a + 1560 - 0.04a = 69.50
0.01a + 60 = 69.50
Using our equation solver, we get:
a = 950
So this means Account B is b = 1500 - 950 = 550