Answer:
Ann invested $12,000 in two bank accounts. One of the accounts pays 6% annual interest, and the other account pays 5% annual interest. If the combined interest earned in both accounts after a year was $700, how much money was invested in each account?
What are we trying to find in this problem?
We want to know the amount of money invested in each account-- in other words, we want to know the amount invested in the 6% account and the amount invested in the 5% account. Each of the things we are trying to find will be represented by a variable:
x = amount invested at 6%
y = amount invested at 5%
Since we have two variables to solve for, we will need to find a system of two equations to solve.
How do we find the two equations we need?
We are given two numbers in the problem:
$12,000 = total money invested in both accounts
$700 = total interest earned in both accounts
Let's start with the $12,000. Ann wants to split this money into two parts. We have chosen to call the two parts x and y. Since these two parts must total to $12,000
