Example 10Seth invested P56,000 in two bankaccounts. One of the accounts pays 8%interest per year and the other accountpays 10% interest per year. If the totalinterest earned on the investment isP5,560 after one year, how much moneywas invested in each account?solve the first account first and then solve the second account
Answer (1)
Answer:Therefore, P54,000 was invested in the account that pays 10% interest.Step-by-step explanation:Here's how to solve the problem step-by-step: Let: - x be the amount invested at 8%- (56,000 - x) be the amount invested at 10% Set up the equations: - Equation 1 (Total Investment): x + (56,000 - x) = 56,000- Equation 2 (Total Interest): 0.08x + 0.10(56,000 - x) = 5,560 Solve for x (amount invested at 8%): 1. Simplify Equation 2: 0.08x + 5,600 - 0.10x = 5,5602. Combine like terms: -0.02x = -403. Solve for x: x = -40 / -0.02 = 2,000 Therefore, P2,000 was invested in the account that pays 8% interest. Solve for (56,000 - x) (amount invested at 10%): 1. Substitute the value of x: 56,000 - 2,000 = 54,000 Therefore, P54,000 was invested in the account that pays 10% interest.
