Math Problem Statement

You invested ​$12 comma 00012,000 in two accounts paying 3 %3% and 7 %7% annual​ interest, respectively. If the total interest earned for the year was $ 680 comma$680, how much was invested at each​ rate?

Solution

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Math Problem Analysis

Mathematical Concepts

Algebra
System of Linear Equations

Formulas

x + y = 12,000
0.03x + 0.07y = 680

Theorems

Substitution Method

Suitable Grade Level

Grades 9-11