Answer:
- $27,000 at 8%
- $3,000 at 7%
Explanation:
You want the amounts invested in each of two accounts, one earning 7% and the other earning 8% simple interest, when the total investment of $30,000 earns total interest of $2370.
Setup
Let x represent the amount invested at 8%. Then the amount invested at 7% is 30000-x. The total interest earned is ...
0.08(x) +0.07(30000-x) = 2370
Solution
0.01x +2100 = 2370 . . . . simplify
0.01x = 270 . . . . . . . . subtract 2100
x = 27000 . . . . . . . multiply by 100
30000-x = 3000
Deshaun invested $27,000 at 8% and $3,000 at 7%.