Question

You invested 6000$ between two accounts paying 3% and 8% annual​ interest, respectively. If the total interest earned for the year was 280$ how much was invested at each​ rate?

Answer 1

x + y = $6,000

.03x + .08y = $280

.03x + .08($6,000 - x) = $280

.03x + $480 - .08x = $280

.05x = $200

x = $4,000 invested at 3%

$6,000 - $4,000 = $2,000 invested at 8%