you invested $27,000 into accounts paying 7% and 8% annual interest respectively if the total interest earned for the year was $2,150 how much was invested at each rate?

Answer 1

2150/27000 = about 7.963%

most all was invested at 8% as 7.963 is much closer to 8 than to 7%

.08x + .07(27000 -x) = 2150

.01x = 2150 - .07(27000) = 2150 - 1890 = 260

x = $26,000 invested at 8%

$1000 invested at 7%