Answer: In the 1% account, the investment totals $2600, while in the 6% account, it amounts to $2400.
Step-by-step explanation:
Let’s denote the amounts as A and B:
Where A is the sum allocated to the 1% interest account and B is the sum in the 6% interest account.
A + B = $5000,
If the interest is annual, after one year, the total interest is:
A*(1%/100%) + B*(6%/100%) = $170
A*0.01 + B*0.06 = $170
This gives us two equations:
A + B = $5000
A*0.01 + B*0.06 = $170
From the first equation, we can express A as:
A = $5000 - B
Substituting A into the second equation yields:
($5000 - B)*0.01 + B*0.06 = $170
$50 + B*0.05 = $170
B*0.05 = $120
B = $120/0.05 = $2400
Thus, A is calculated as $5000 - $2400 = $2600.
