SOLUTION: A woman has a total of $8,000 to invest. She invests part of the money in an account that pays 8% per year and the rest in an account that pays 12% per year. If the interest earned
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Question 1185459: A woman has a total of $8,000 to invest. She invests part of the money in an account that pays 8% per year and the rest in an account that pays 12% per year. If the interest earned in the first year is $800, how much did she invest in each account?
Answer by greenestamps(13198) (Show Source): You can put this solution on YOUR website!
The quick look solution:
$800 interest on an $8000 investment is a 10% return.
10% is exactly halfway between 8% and 12%.
Therefore half the total was invested at each rate.
ANSWER: $4000 at 8% and $4000 at 12%.
CHECK: .08(4000)+.12(4000)=320+480=800
A typical formal algebraic solution....
x = amount invested at 12%
8000-x = amount invested at 8%
The total interest was $800:
Solve using basic algebra....
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