Answer:
Amount invested at 3%= $21,000
Amount invested at 8% = $8,000
Step-by-step explanation:
$29,000 was invested in two accounts
The two accounts have annual interest of 3% and 8%
The total interest that was earned for the year is $1,270
Let y represent the amount invested at 3%
y = 3%
The amount invested at 8% can be represented as
29,000-y
Therefore the value of y can be calculated as follows
3/100 × y + 8/100(29,000-y)= 1270
0.03y + 0.08(29,000-y)= 1270
0.03y + 2320 - 0.08y= 1270
0.03y - 0.08y= 1270-2320
-0.05y= -1050
y = 1050/0.05
y= 21,000
The amount invested at 3% is $21,000
The amount invested at 8%
= 29,000-21,000
= $8000
Hence the amount invested at 3% is $21,000 and the amount invested at 8% is $8000
