You invest $22,000 in two accounts paying 4% and 8% annual interest, respectively. If the total interest earned for the year was $1,040, how much was invested at each rate?
Added by Kathy C.
Step 1
We have two equations: 1) x + y = 22000 (total amount invested) 2) 0.04x + 0.08y = 1040 (total interest earned) We can solve this system of equations using substitution or elimination. Let's use substitution. From equation 1, we can write x as: x = 22000 - Show more…
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