SOLUTION: Naomi invests $1800 in one account and $800 in an account paying 1 % higher interest. At the end of one year she had earned $190 in interest. At what rates did she invest? $1800

Question 1105486: Naomi invests $1800 in one account and $800 in an account paying 1 % higher interest. At the end of one year she had earned $190 in interest. At what rates did she invest?
$1800 invested at %
$800 invested at %
Answer by ikleyn(52790) (Show Source): You can put this solution on YOUR website!
.

Interest + interest     = total interest

1800*x   + 800*(x+0.01) = 190    <<<---=== where x is percentage for $1800 loan expressed as the decimal (like 3.5% = 0.0035 . . . )


1800x + 800x + 8 = 190

2600x = 190-8 = 182  ====>  x =  = 0.07 = 7%.


Answer.  $1800 was invested at 7%  and  $800 was invested at 8%.


Check.   1800*0.07 + 800*0.08 = 190 dollars.   ! Correct !

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