Question

$8,000 is invested in two different accounts earning 3% and 4% interest. If the two accounts earn a total of $295 in interest, how much money was invested at 3%?

Answer 1

Let X = amount invested at 3%.
The equation would then become:
.03X + .04(8000 - X) = 295
.03X - .04X + 320 = 295
X = 2500
So $2500 at 3% and $5500 at 4% yields $295 in interest.

Answer 2

Answer: $4500 was invested at 3% rate of interest.

Explanation:

Let P be the principal amount for the rate of interest 3%.

Let 8000-P be the principal amount for the rate of interest 4%.

Total interest = $295

As we know the formula for "Simple Interest ":

`0.03(P)+0.04(8000-P)=\$275\\\\0.03P+320-0.04P=\$275\\\\320-0.01P=\$275\\\\320-275=0.01P\\\\45=0.01P\\\\P=(45)/(0.01)\\\\P=\$4500`

Hence, $4500 was invested at 3% rate of interest.