Interest Problem has me so confused!

[veronicarivera]

Ive trying to work at this problem for awhile now. I dont know if it's just not my day or what, but i am in need of help.

Here is the problem :

$20,000 is invested in 2 accounts- part at 17.5% interest and the remainder at 12.5% interest. find the amount invested at each rate if the total interest received is $3,110

So, i know that the formula i have to use is A=P (1 + r/n)[sup:2yx4t4qh]ny[/sup:2yx4t4qh]
A= amount
P=principal
r=rate
n= # of compounds each year
y= year

:?: i understand the rates would be .175 and .125 but i dont see how i have enough information to plug this in..am i even starting it right?!

ahh, thank you

 

[wjm11]

$20,000 is invested in 2 accounts- part at 17.5% interest and the remainder at 12.5% interest. find the amount invested at each rate if the total interest received is $3,110.

First, assign variables:
Let x = amount of money invested at 17.5%.
Let y = amount of money invested at 12.5%

First equation:

x(.175) + y(.125) = 3110

Second equation:

x + y = 20,000

You now have a system of equations: two equations and two unknowns.

Solve.