Mr. jones has part of his $5,000 savings in an account that earned 7% interest and the rest in an account that earned 9% interest. how much did he have in each account if his annual income from the total investment was 404.27? use z for the 7% account and y for the 9% account.

z = $2286.5

y = $2713.5

Step-by-step explanation:

Let z represent the amount of money invested at the rate of 7%.

Let y represent the amount of money invested at the rate of 9%.

Mr. Jones has part of his $5,000 savings in an account that earned 7% interest and the rest in an account that earned 9% interest.. This means that

z + y = 5000

The formula for simple interest is expressed as

I = PRT/100

Where

P represents the principal

R represents interest rate

T represents time

Considering the investment at the rate of 7%,

P = x

R = 7

T = 1

I = (z × 7 × 1)/100 = 0.07z

Considering the investment at the rate of 9%,

P = y

R = 9

T = 1

I = (y × 9 × 1)/100 = 0.09y

if his annual income from the total investment was 404.27, it means

0.07z + 0.09y = 404.27 - - - - - -1

Substituting z = 5000 - y into equation 1, it becomes

0.07(5000 - y) + 0.09y = 404.27

350 - 0.07y + 0.09y = 404.27

- 0.07y + 0.09y = 404.27 - 350

0.02y = 54.27

y = 54.27/0.02 = $2713.5

Substituting y = 2713.5 into z = 5000 - y, it becomes

z = 5000 - 2713.5 = $2286.5

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step-by-step explanation:

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step-by-step explanation: