Problema Solution
You invested $10,000 in two accounts, one paying 8% and the other account paying 10% annual interest. At the end of the year, the total interest from these investments was $940. How much was invested at each rate?
Answer provided by our tutors
let
x = the money invested in the account paying 8%
y = the money invested in the account paying 10%
You invested $10,000 in two accounts:
x + y = 10,000
At the end of the year, the total interest from these investments was $940:
0.08x + 0.10y = 940
by solving the system of equations:
x + y = 10000
0.08x + 0.10y = 940
we find:
x = $3,000
y = $7,000
click here to see the step by step solution of the system of equations:
$3,000 was invested at 8% and $7,000 was invested at 10%.