Answer:
The amount in the first account is $5,700
The amount in the second account is $1,300
Step-by-step explanation:
Let the mount invested in the first account be [tex]x[/tex] and the one invested in the second account be [tex]y[/tex].
Then the total principal is [tex]x+y=7000[/tex]---->(1)
The interest in the first account is [tex].03*x[/tex]
The interest in the first account is [tex].07*y[/tex]
The total interest for the year is 262.00.
This implies that:
[tex]0.03x+0.07y=262[/tex]---->(2)
We solve the two equations simultaneously to get:
[tex]x=5,700[/tex] and [tex]y=1,300[/tex]
