Tyler has two savings accounts that his grandparents opened for him. The two accounts pay 12% and 18% in annual interest; there is $400 more in the account that pays 18% than there is in the other account. If the total interest for a year is $252, how much money does he have in each account?
A) $600 invested at 12%, $1,000 invested at 18%
B) $1,200 invested at 12%, $1,600 invested at 18%
C) $700 invested at 12%, $1,100 invested at 18%
D) $550 invested at 12%, $950 invested at 18%
E) $650 invested at 12%, $1,050 invested at 18%

Question

Quizplus · Accepted Answer

If x is the amount in the 12% account, then x + 400 is the amount in the 18% account. The equation for total interest is 0.12x + 0.18(x + 400) = 252. Solving this gives x = 600, so $600 is in the 12% account and $1,000 is in the 18% account.

Tyler Has Two Savings Accounts That His Grandparents Opened for Him