Problem

Miles invests $\$ 4500$ in two different accounts. The first account paid $14 \%$, the second account paid $4 \%$ in interest. At the end of the first year he had earned $\$ 390$ in interest. How much was in each account?
\[
\begin{array}{l}
\$ \square \text { at } 14 \% \\
\$ \square \text { at } 4 \%
\end{array}
\]

Answer

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Answer

So, Miles invested \(\boxed{\$2100}\) at 14% and \(\boxed{\$2400}\) at 4%.

Steps

Step 1 :Let's denote the amount of money invested at 14% as \(x\) and the amount of money invested at 4% as \(y\).

Step 2 :From the problem, we know that the total amount of money invested is \$4500, so we have the equation \(x + y = 4500\).

Step 3 :We also know that the total interest earned is \$390, and the interest is calculated as 14% of \(x\) and 4% of \(y\), so we have the equation \(0.14x + 0.04y = 390\).

Step 4 :We can solve the first equation for \(x\), which gives us \(x = 4500 - y\).

Step 5 :Substitute \(x = 4500 - y\) into the second equation, we get \(0.14(4500 - y) + 0.04y = 390\), which simplifies to \(630 - 0.1y = 390\).

Step 6 :Solving this equation for \(y\), we get \(y = 2400\).

Step 7 :Substitute \(y = 2400\) back into the first equation, we get \(x = 4500 - 2400 = 2100\).

Step 8 :So, Miles invested \(\boxed{\$2100}\) at 14% and \(\boxed{\$2400}\) at 4%.

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