Question 118385

YOU ARE RIGHT ON!!!!!!!!!!!!!!!

I=PRT IS THE FORMULA THAT NEEDS TO BE USED AND WE'LL USE IT:

Let P=amount of money invested at 10%
Then (3000-P)=amount invested at 8%

Interest on the money invested at 10% for 1 year=P*0.10*1 (the formula)
Interest on the money invested at 8% fro 1 year=(3000-P)*0.08*1

Now we are told that the above interest adds up to $256, so our equation to solve is:

0.10P+0.08(3000-P)=256  get rid of parens

0.10P+240-0.08P=256 subtract 240 from both sides

0.10P+240-240-0.08P=256-240  collect like terms

0.02P=16  divide both sides by 0.02
P=$800-----------------------------------------amount invested at 10%

3000-P=3000-800=$2200----------------------------amount invested at 8%

CK

800*0.10+2200*0.08=256
80+176=256
256=256


Hope this helps---ptaylor