Answer:
Step-by-step explanation:
From the given information:
Let assume that the invested amount in the investment paying 8% interest is a
Now, since the total amount invested = $3000.
Then, the amount invested in the investment that will be paying 10% interest can be represented as:
= $(3000-a)
Income earned on $a that is being invested in 8% interest = $a × 8/100 = $0.08a
Income earned from $(3000-a) in the 10% investment is:
= $(3000-a)× 10/100
= $(300 - 0.1a)
Since total income of the two investment = $290;
Then;
0.08a + (300 - 0.1a) = 290
0.08a + 300 - 0.1a = 20-
300 - 0.02a = 290
-0.02a = -10
a = -10/-0.02
x = 500
Thus;
the amount invested in an investment paying 8% interest = $500
the amount invested in an investment paying 10% interest = $(3000 - 500) = $2500
Four hundred forty-seven dollars and sixty-six cents
hope this helps
