SOLUTION: You invested 5000 between two accounts paying 3% and 8% annual interest, respectively. If the total interest earned for the year was $250, how much was invested at each rate?
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Question 954779: You invested 5000 between two accounts paying 3% and 8% annual interest, respectively. If the total interest earned for the year was $250, how much was invested at each rate? Answer by macston(5194) (Show Source):
You can put this solution on YOUR website! T=amount invested at 3%; E=amount invested at 8%
T+E=5000
T=5000-E
0.03T+0.08E=$250 Substitute for T.
0.03(5000-E)+0.08E=$250
150-0.03E+0.08E=$250 Subtract 150 from each side.
0.05E=$100 Divide each side by 0.05
E=$2000 ANSWER 1: $2000 was invested at 8%.
T=5000-E=5000-2000=3000 ANSWER 2: $3000 was invested at 3%.
CHECK:
0.03T+0.08E=$250
0.03($3000)+0.08($2000)=$250
$90+$160=$250
$250=$250
