SOLUTION: Abraham invested $42,000 in two accounts. The first paid 8% interest per year and the second paid 3% per year. He earned a total of $2960 in one year. How much did he invest at 8%?

Algebra ->  Finance -> SOLUTION: Abraham invested $42,000 in two accounts. The first paid 8% interest per year and the second paid 3% per year. He earned a total of $2960 in one year. How much did he invest at 8%?      Log On


   

Question 365549: Abraham invested $42,000 in two accounts. The first paid 8% interest per year and the second paid 3% per year. He earned a total of $2960 in one year. How much did he invest at 8%?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!


Hi, 

Let x represent amount invested at 8%

then ($42,000 - x) would be amount invested at 3%

Question states

.08x + .03($42,000-x) = $2960

.05x = $2960 - .03*$42,000

.05x = $2960 - $1260

.05x = 1700

x = $34,000, amount invested at 8%

checking our answer

$2720 + $240 = $2660