Question

Tamara invests $8000 in two different accounts. The first account has a simple interest rate of 3% and the second account has a simple interest rate of 2%. How much did she invest in each account if the interest earned in them is the same at the end of one year?

Answer 1

Let Tamara invests amount
`X` in 3% account. She invests
`8000-X` in 2% account.

The interest after t years is given by

`I=Prt`. After 1 year the two interests are equal, that is

`image`

Thus, Tamara has to invest
`\$3200` in 3% account and
`\$8000-\$3200=\$4800` in 2% account.