Problema Solution
You invested $28,000 in two accounts paying 5% and 8% annual interest, respectively. If the total interest earned for the year was $1730, how much was invested at each rate?
Answer provided by our tutors
let 'x' represent the amount invested at 5%, then '28000-x' represents the amount invested at 8%
1730 = 0.05x + 0.08(28000-x)
solving for 'x' we have x=17000
28000-17000 = 11000
$17,000 was invested at 5%, $11,000 was invested at 8%