I need help with this.

Question

divide $34,000 between two simple interest accounts. One is 2.5%, and on the money market fund the annual simple interest rate is 5.5%. How much should be invested in each account so that both accounts earn the same annual interest?

Answer 1

x+y=34,000$

0.025*x =0.055*y

or 25x=55y

or y=(25/55)x=(5/11)x

x+(5/11)x=34000

(16/11)x=34,000

x=(11/16)*34,000.....11/16=0.6875

=0.6875*34000

x=23,375$

y=34,000 -23,375=10,625$