SOLUTION: Invest 40,000.00 for one year at 10% interest and 8% interest. $3360 for interest total. What was the amount of interest for each rate?

Question 203632: Invest 40,000.00 for one year at 10% interest and 8% interest. $3360 for interest total. What was the amount of interest for each rate?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Invest 40,000.00 for one year at 10% interest and 8% interest. $3360 for interest total. What was the amount of interest for each rate?
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Total;;;;;;;: x + y = 40000
Interest: 0.10x+0.08y = 3300
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Multiply thru 1st by 0.1 to get:
0.10x + 0.10y = 4000
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Subtract that from the "Interest" equation:
-0.02y = -700
y = $35000 (amount invested at 8%
Interest at this rate was $2800
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Then x = $5000 (amount invested at 10%)
Interest at this rate was $500
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Cheers,
Stan H.

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