Problem

You invested $\$ 8000$ between two accounts paying $7 \%$ and $8 \%$ annual interest, respectively. If the total interest earned for the year was $\$ 610$, how much was invested at each rate? $\$ \square$ was invested at $7 \%$ and $\$ \square$ was invested at $8 \%$.

Solution

Step 1 :Let's denote the amount invested at 7% as x and the amount invested at 8% as y.

Step 2 :We know that the total amount invested is $8000, so we can write this as an equation: \(x + y = 8000\).

Step 3 :We also know that the total interest earned is $610, so we can write this as another equation: \(0.07x + 0.08y = 610\).

Step 4 :We can solve this system of equations to find the values of x and y.

Step 5 :The solution to the system of equations is \(x = 3000\) and \(y = 5000\).

Step 6 :Final Answer: \(\boxed{\$ 3000}\) was invested at 7% and \(\boxed{\$ 5000}\) was invested at 8%.

From Solvely APP
Source: https://solvelyapp.com/problems/12556/

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