You invested $29,000 in two accounts paying 8% and 9% annual interest, respectively.

Question

You invested $29,000 in two accounts paying 8% and 9% annual interest, respectively. If the total interest earned for the year was $2360, how much was invested at each rate?

Answer 1

8x + 9(29-x) = 2.360

8x -9x = 2.360 - 26.1

x = 25.864 = $25.864 invested at 8%

with 29-25.864 = $23.136 invested at 9%

2360/2900 = about 8.138% for average interest

8 is much closer to 8.1 than 9 is, so expect far more to be invested at 8%