Travis has a savings account that his parents opened for him. It pays 6% annual interest. His uncle also opened an account for him, but it pays 12% annual interest. If there is $500 more in the account that pays 6%, and the total interest from both accounts is $102, how much money is in each of the accounts?
A) $965 invested at 6%, $465 invested at 12%
B) $900 invested at 6%, $400 invested at 12%
C) $700 invested at 6%, $200 invested at 12%
D) $1,000 invested at 6%, $500 invested at 12%
E) $894 invested at 6%, $394 invested at 12%

Question

Quizplus · Accepted Answer

Let x be the amount in the 6% account, then x - 500 is the amount in the 12% account. The equation for total interest is 0.06x + 0.12(x - 500) = 102. Solving this gives x = 900, so $900 is in the 6% account and $400 is in the 12% account.

Travis Has a Savings Account That His Parents Opened for Him