Travis had a total of $6,000 invested in two account. The total amount of interest he earns from the accounts in the first year is $410. If one account pays 6% per year and the other pays 8% per year how much did he invest in each account?

1

1 Answers

Oddman Profile
Oddman answered
Let h represent the amount invested at the higher interest rate. The total interest can be computed as   h*8% + (6000 - h)*6% = 410   h*2% + 360 = 410    (collect terms)   h*.02 = 50    (subtract 360)   h = 50/.02 = 2500
Travis invested $2500 at 8% and $3500 at 6%.
Check   .08*2500 + .06*3500   = 200 + 210   = 410

Answer Question

Anonymous