Travis has a savings account that his parents opened for him. It pays 6% annual interest. His uncle also opened an account for him, but it pays 12% annual interest. If there is $500 more in the account that pays 6%, and the total interest from both accounts is $129, how much money is in each of the accounts?
A)$1,150 invested at 6%, $650 invested at 12%
B)$1,044 invested at 6%, $544 invested at 12%
C)$850 invested at 6%, $350 invested at 12%
D)$1,141 invested at 6%, $641 invested at 12%
E)$1,050 invested at 6%, $550 invested at 12%

Question

Quizplus · Accepted Answer

Let x be the amount in the 12% account. Then, x + 500 is the amount in the 6% account. The total interest is 0.06(x + 500) + 0.12x = 129. Solving gives x = 550, so x + 500 = 1050.

Travis Has a Savings Account That His Parents Opened for Him