Problema Solution
Sam invested a total of $10,000, part at 8% and the rest at 3%. How much was invested at 8% if he earned a total of $600 in one year? (Use the formula , Interest = principal * time * rate)
Answer
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If the formula is interest = principal * time * rate then
provided that the interest rate is per year,
interest = 600
time = 1
rate = 0.08
then
the filled equation will be 600 = p * 0.08
all we need to do is isolate for p
and we do that by dividing both sides by 0.08
which yields to be $7500