You invested $5000 between two accounts paying 7% and 8% annually intrest if the total earned for the year was $360, how much was invested at each rate

Answer 1

Since the total money invested is 5000 then if the first investement was n

then the second investment will be 5000 - n.

Since the money was only invested for a year the amount earned will be invested * rate.

Using this equation we get

n * 0.07 + (5000 - n) * 0.08 = 360

Simplify to get

400 - 0.01n = 360

0.01n = 40\

n = 4000

This means that the amount invested at 7% was $4000 and at 8% $1000 was invested.