Mike invested $40,000 in two accounts...

Question

Mike invested $40,000 in two accounts. If some were invested at 6% and the rest at 8% and the total interest earned was $2,880, then how much did he invest at 6%?

Answer 1

x at 6%, then (40000 - x) on 8%.

We have equation: 0.06x + 0.08(40000 - x) = 2880; 0.06x - 0.08x = 2880 - 3200; - 0.02x = - 320; x = $16000