James invests $4,700 in two savings accounts. One earns interest at 7% per year, while the other earns 12% per year. The total interest earned from both accounts after one year is $409. How much was originally deposited in each account?
A) So, $3,100 was deposited in first account and $1,600 was deposited in second account.
B) So, $2,900 was deposited in first account and $1,600 was deposited in second account.
C) So, $1,600 was deposited in first account and $3,100 was deposited in second account.
D) So, $2,700 was deposited in first account and $2,000 was deposited in second account.
E) So, $2,600 was deposited in first account and $2,100 was deposited in second account.

Question

Quizplus · Accepted Answer

Let x be the amount at 7% and y be the amount at 12%. The equations are x + y = 4700 and 0.07x + 0.12y = 409. Solving these equations gives x = 3100 and y = 1600.

James Invests $4,700 in Two Savings Accounts