SOLUTION: Lahi invested $5400 in to accounts, one paying 8% and the other paying 10%. If both investments produce the same amount of interest, how much was invested at 8%?
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Question 281408: Lahi invested $5400 in to accounts, one paying 8% and the other paying 10%. If both investments produce the same amount of interest, how much was invested at 8%? Answer by subudear(62) (Show Source):
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Lets invest $x at 8% interest then rest of the amount $(5400 - x) will be invested at 10% interest rate.
Now interest earned on 8% rate will be (8/100)*x
and interest earned on 10% rate will be (10/100)*(5400 - x)
But it is given that interest earned are same which means
(8/100)*x = (10/100)*(5400 - x)
solving it
8x = 54000 - 10x
18x = 54000
x = 3000
Therefor amount invested at 8% and 10% are $3000 and $2400 respectively.
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