Mr.Pickle invested $13,000 in two accounts, one yielding 6% interest and the other yielding 11%. If he received a total of $1,130 in interest at the end of the year, how much did he invest in each account with 6% ____ and 11%____?
Let x = the amount invested in account 1
Let y= the amount invested in account 2
Interest x = 0.06x
Interest y = 0.11y
`0.06x+0.11y=1130` and `x + y = 13000`
With two equations and two unknowns we can solve for x and y. We will use the substitution method to do so:
`y = 13000 - x`
Substitute the value for x into the equation for y:
Therefore, Mr. Pickle invested $6000 at 6% interest and $7000 at 11% interest.