Question

You invested $3000 between two accounts paying 5% and 8% annual interest, if the total interest earned for the year was $210 how much was invested at each rate

Answer 1

Given:

Total amount invested = $3000

Rate of annul interest on investments are 5% and 8%.

Total interest earned for the year = $210

To find:

The amount invested at each rate.

Solution:

Let the amount invested at 5% be
`\$x` and the amount invested at 8% be
`\$(3000-x)`.

Total interest earned for the year = $210

It means. 5% of
`x` + 8% of
`(3000-x)` = 210

`x* (5)/(100)+(3000-x)* (8)/(100)=210`

Multiply both sides by 100.

`5x+(3000-x)8=21000`

`5x+24000-8x=21000`

`-3x=21000-24000`

`-3x=-3000`

Divide both sides by -3.

`x=1000`

Now,

`3000-x=3000-1000`

`3000-x=2000`

Therefore, the amount invested at the rate of 5% is $1000 and the amount invested at the rate of 8% is $2000.