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Lisa
Lisa asked in Science & MathematicsMathematics · 9 years ago

Investment word problem help?

Jeffery invested $2500, part at 8% per annum and the rest at 10% per annum. In on year, the two parts earned equal amounts of interest. How much did he invest at each rate?

1 Answer

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  • ranjankar
    Lv 7
    9 years ago
    Favorite Answer

    Let the amount invested at 10% be x $

    Then the amount invested at 8% will be (2500 - x)$

    Interest earned at 10% = 0.1x

    Interest earned at 8% = 0.08( 2500 -x) = 200 - 0.08x

    0.1x = 200 - 0.08x

    0.18x = 200

    x = 200 /0.18 = 1111.11 $

    ANSWER 1111.11 $ at 10% and 1388.89 $ at 8%

    CHECK

    0.1 X 1111.11 = 111.11 $

    1388.89 X 0.08 = 111.11 $

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