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If you invested 3,000 between 2 accounts paying 5% and 8% annual interest respectively. If the total interest earned for the year was 210, how much was invested at each rate?

User DTig
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Given:

it is given that the amount 3,000 is invested between 2 accounts paying 5% and 8% annual interest respectively and the total interst earned for a year is 210.

Find:

we have to find the amounts invested at each rate.

Step-by-step explanation:

Let x be the amount invested at 5% interest rate.

Therefore, remaining amount (3000 - x) be invested at 8% interest rate.

Now, the interest earned by amount x at 5% rate is = x*0.05*1 = 0.05x

interest earned by amount (3000 - x) at 8% rate is = (3000 - x )*0.08*1

= 240 - 0.08x

Total interest earned = interest earned at 5% + interest earned at 8%

210 = 0.05x + 240 - 0.08x

210 -240 = - 0.03x

-30 = -0.03x

x = 30/0.03

x = 1000

Therefore, amount 1000 is invested at 5% interest rate and remaining (3000 - 1000) = 2000 is invested at 8% interest rate.

User Atomfinger
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