Question

Timothy invested a total of $7,500 in two accounts. One account pays 3% interest annually; the other pays 2% interest annually. At the end of the year, Timothy earned a total of $175 in interest. Write and solve a system of equations' to find how much money Timothy invested in each account.
Timothy invested ___in 3% account and ______in the 2% account

Answer 1

Answer:

• Timothy invested $2500 in 3% account and $5000 in the 2% account

Step-by-step explanation:

Let the investments be x and y.

Required equations are:

• x + y = 7500
• 0.03x + 0.02y = 175

Solve the system by elimination, multiply the second equation by 50 and subtract the first one:

• 50(0.03x) + 50(0.02y) - x - y = 50(175) - 7500
• 1.5x - x = 1250
• 0.5x = 1250
• x = 2500

Find the value of y:

• 2500 + y = 7500
• y = 5000