Help with solving problems using two variables and equations
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Help with solving problems using two variables and equations

[From: ] [author: ] [Date: 11-09-04] [Hit: ]
the interest gained from both accounts was Php 1190, how much did she invest at each rate?I need help in answering the problem using TWO variables and TWO equations. THANK YOU! Also, please explain WELL on how you got the answer.......
Please finish reading the whole details before you answer.
Here is the problem i need help with:

Mrs. Mabunga deposited Php 18,000 in two separate account -- a certain amount at 6% annual interest, and the remaining amount at 7%. If at the end of the year, the interest gained from both accounts was Php 1190, how much did she invest at each rate?

I need help in answering the problem using TWO variables and TWO equations. THANK YOU! Also, please explain WELL on how you got the answer.

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Let x be the amount invested at 6% and y be the amount invested at 7%. Then the first fact translates as:

x + y = 18,000

The one-year interest amount at 6% on an investment x is 0.06x. Similarly the 7% account earns 0.07y in the same year. That means the second fact translates to:

0.06x + 0.07y = 1,190
6x + 7y = 119,000 ... multiplying by 100 to remove fractions.

Now you have two equations in two unknowns to solve:

x + y = 18,000 .... equation 1
6x + 7y = 119,000 .... equation 2

Multiply both sides of eq. 1 by 6:

6x + 6y = 108,000 .... equation 3

Subtract equation 3 from equation 2:

6x + 7y - 6x - 6y = 119,000 - 108,000
y = 11,000

That's one part of the answer. Plug this into equation 1 to get:

x + 11,000 = 18,000
x = 7,000

Then test: 7,000*0.06 + 11,000*0.07 = 420 + 770 = 1,190

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Let x = the amount she invested at 6%
Let y = the amount she invested at 7%

The total of the two amounts was 18000

x + y = 18000

6% of the amount she invested at 6%, plus 7% of the amount she invested at 7%, will be equal to 1190.

0.06x + 0.07y = 1190

So you have your two equations

---------------

Multiply the second equation by 100 to clear the decimals.

x + y = 18000
6x + 7y = 119000

Multiply the first equation by -6

-6x - 6y = -108000
6x + 7y = 119000
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