Problem

Last vear, Carlos had $\$ 10,000$ to invest. He invested some of it in an account that paid $5 \%$ simple interest per vear, and he invested the rest in an account that paid $6 \%$ simple interest per vear. Afer one vear, he recelved a total of $\$ 530$ in interest. How much did he invest in each account? Note that the ALFKS ornohing colculater can be used to make computations casier: First account: 50 Second account: 5 ?

Solution

Step 1 :Let's denote the amount Carlos invested in the first account (with 5% interest) as x and the amount he invested in the second account (with 6% interest) as y.

Step 2 :We can set up two equations based on the information given in the problem: \(x + y = 10,000\) and \(0.05x + 0.06y = 530\).

Step 3 :We solve these two equations simultaneously to find the values of x and y.

Step 4 :The solution to the system of equations is x = 7000 and y = 3000.

Step 5 :This means that Carlos invested \$7000 in the first account and \$3000 in the second account.

Step 6 :Final Answer: Carlos invested \(\boxed{\$7000}\) in the first account and \(\boxed{\$3000}\) in the second account.

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Source: https://solvelyapp.com/problems/qxDf6dRCBx/

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