Question

Last year, Scott had 10,000 to invest. He invested some of it in an account that paid 7%

simple interest per year, and he invested the rest in an account that paid 9% simple interest per year. After one year, he received a total of $740 in interest. How much did he invest in each account?

Answer 1

$8000 is invested for 7% interest and $2000 is invested for 9% interest

Explanation:

Points to remember

Simple interest formula

I = PNR/100

P - Principle amount

N - Number of years

R - Rate of interest

To find the amount of investment

It is given that total amount = 10,000 and total interest = $740

Let 'x' be the amount invested at the rate of 7%

10,000 - x be the amount invested at the rate of 9%

I = PNR/100

740 = (x*1*7)/100 + (10000 - x)*1*9/100

740 = 7x/100 + 90000/100 - 9x/100

740 = 7x/100 + 900 - 9x/100

740-900 = -2x/100

-160 = -2x/100

x = 16000/2 = 8000

10000-8000 = 2000

Therefore $8000 is invested for 7% interest and $2000 is invested for 9% interest

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Answer 2

$8000 is invested for 7% interest and $2000 is invested for 9% interest

Explanation:

Points to remember

Simple interest formula

I = PNR/100

P - Principle amount

N - Number of years

R - Rate of interest

To find the amount of investment

It is given that total amount = 10,000 and total interest = $740

Let 'x' be the amount invested at the rate of 7%

10,000 - x be the amount invested at the rate of 9%

I = PNR/100

740 = (x*1*7)/100 + (10000 - x)*1*9/100

740 = 7x/100 + 90000/100 - 9x/100

740 = 7x/100 + 900 - 9x/100

740-900 = -2x/100

-160 = -2x/100

x = 16000/2 = 8000

10000-8000 = 2000

Therefore $8000 is invested for 7% interest and $2000 is invested for 9% interest