Question 38954: One sum is invested at 5% and three times as much at 8%. The total annual interest is $580. How large is each sum?
(this is not from a text) I have a problem with both answers.
Please help, Thank You. Answer by fractalier(2101) (Show Source):
You can put this solution on YOUR website! Let x be the amount invested at 5%.
Thus 3x was invested at 8%.
The total interest is $580.
Here's the setup:
(.05)x + (.08)(3x) = 580
multiply by 100 to clear decimals
5x + 24x = 58000
29x = 58000
x = $2000 at 5%
3x = $6000 at 8%