Solve the problem using a system of equations.
-Paul invested four times as much money in an account paying $6 \%$ interest than he did in an account paying $1 \%$ interest. If the total interest paid was $\$ 1000$, how much did he invest in each?
A) $\$ 160$ at $6 \%, \$ 40$ at $1 \%$
B) $\$ 4000$ at $6 \%, \$ 16,000$ at $1 \%$
C) $\$ 16,000$ at $6 \%, \$ 4500$ at $1 \%$
D) $\$ 16,000$ at $6 \%, \$ 4000$ at $1 \%$

Question

Quizplus · Accepted Answer

Let $x$ be the amount invested at $1\%$ and $4x$ the amount at $6\%$. The equation for the total interest is $0.01x + 0.06(4x) = 1000$. Solving gives $x = 4000$, so $4x = 16,000$.

Solve the Problem Using a System of Equations 6%6 \%6% Interest Than He Did in an Account Paying

Solve the Problem Using a System of Equations $6 \%$ Interest Than He Did in an Account Paying