SOLUTION: Petr has $5000 invested in two plans. One plans pays 5% simple interest per year and the other pays 8%. At the end of the year, Petr receives a total of $340 in interest. How

Question 839687: Petr has $5000 invested in two plans. One
plans pays 5% simple interest per year and the
other pays 8%. At the end of the year, Petr
receives a total of $340 in interest. How
much did he invest in each plan?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Petr has $5000 invested in two plans. One
plans pays 5% simple interest per year and the
other pays 8%. At the end of the year, Petr
receives a total of $340 in interest. How
much did he invest in each plan?
--------
Interest + interest = interest
0.05*x + 0.08(5000-x) = 340
-------
5x + 8*5000 - 8x = 34000
----------
-3x = -6000
x = $2000 (amt. invested at 5%)
5000-x = $3000 (amt. invested at 8%)
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Cheers,
Stan H.
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