Question

Last year kareem had $ 20 , 000 to invest. he invested some of it in an account that paid 8 % simple interest per year, and he invested the rest of it in an account that paid 7 % simple interest per year. after one year, he received a total of $ 1610 in interest. how much did he invest in each account?

Answer 1

Let's assume Kareem invested an amount x at 8% interest and the remaining amount (20000 - x) at 7% interest.

The interest earned from the amount invested at 8% interest is (x * 0.08), and the interest earned from the amount invested at 7% interest is ((20000 - x) * 0.07).

According to the given information, the total interest earned is $1610, so we can set up the equation:

(x * 0.08) + ((20000 - x) * 0.07) = 1610

Simplifying the equation, we get:

0.08x + 1400 - 0.07x = 1610

0.01x = 210

x = 210 / 0.01

x = 21000

Kareem invested $21,000 at 8% interest and the remaining amount ($20000 - $21000 = $-1000) at 7% interest. However, since it doesn't make sense to have a negative investment, we can conclude that there was an error in the calculations or the given information.

Please double-check the information provided or verify if there are any additional details that may clarify the problem.

Step-by-step explanation: