Question

A total of $8000 is invested in 2 funds paying 4% and 5% annual interest. The combined annual interest is $350. How much of the $8000 is invested in each fund? Please show work!!

Answer 1

$3000.

Explanation:

$Po invested at 4%.

$(8000-Po) invested at 5%

Po*0.04*1 + (8000-Po)*0.05*1 = 350.

0.04Po + 400 - 0.05Po = 350,

Po = $5000.

8000-Po = 8000-5000 = $3000.

Hope this helps :)

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Answer 2

$5000 and $3000

Explanation:

x = money invested in the first fund

y = money invested in the second fund

first equation: 0.04x + 0.05y = 350

4x + 5y = 35000

second equation: x + y = 8000

x = 8000 - y

Plug in x into the second equation:

4(8000 - y) + 5y = 35000

Solve:

32000 - 4y + 5y = 35000

y = 3000

x = 8000 - y

x = 8000 - 3000

x = 5000

$5000 and $3000

Hope this helps!