Question

PLEASE HELP

paul has a total of $120,000. he invests part of it at 8% and the rest at 7.2%. after one year his total interest is $8880.00. what amount did he put into both accounts?

Answer 1

He put $30,000 at 8%.

He put $90,000 at 7.2%

Explanation:

Let x be the amount that Paul invested at 8% and (120000-x) be the amount that he invested at 7.2%.

We know that the total interest he earned was $8880, so we can write the following equation:

8% of x + 7.2% of (120000-x) = 8880

0.08x + 0.072(120000-x) = 8880

Simplifying the right-hand side of the equation, we get:

0.08x + 8640 - 0.072x = 8880

Combining like terms, we get:

0.008x + 8640 = 8880

Subtracting 8640 from both sides of the equation, we get:

0.008x + 8640 - 8640 = 8880 - 8640

0.008x = 240

Dividing both sides of the equation by 0.008, we get:

`\sf x =(240)/(0.008)`

x = 30000

Therefore, Paul invested $30,000 at 8%.

The amount that he invested at 7.2% is then 120000-30000 = $90,000.