Pat invested a total of $3,000. Part of the money was invested in a money market account that paid 10 percent simple annual interest, and the remainder of the money was invested in a fund that paid 8 percent simple annual interest. If the interest earned at the end of the first year from these investments was $256, how much did Pat invest at 10 percent and how much at 8 percent?

Question

Business

Adyson Moses

19 November, 23:38

Pat invested a total of $3,000. Part of the money was invested in a money market account that paid 10 percent simple annual interest, and the remainder of the money was invested in a fund that paid 8 percent simple annual interest. If the interest earned at the end of the first year from these investments was $256, how much did Pat invest at 10 percent and how much at 8 percent?

+2

Answers (1)

Know the Answer?

Brooklynn Weaver · Answer 1

how much did Pat invest at 10 percent and how much at 8 percent?

2200 10%

800 8%

Explanation:

I=C*%I*T

I=C1*0,08*1+C2*0,10*1

3000=C1+C2

C1=3000-C2

256 = (3000-C2) * 0,08+C2*0,10

256=240-0,08C2+O, 10C2

16=0,02C2

C2=800

C1=2200

I=2200*0,1 = 176

I=800*0,08=80