Question

Last year, Maria had $10,000 to invest. She invested some of it in an account that paid 6% simple interest per year, and she invested the rest in an account that paid 10% simple interest per year. After one year, she received a total of $880 in interest. How much did she invest in each account?

Answer 1

Answer:

$3,000 invested at 6%

$7,000 invested at 10%

Step-by-step explanation:

Maria had total $10,000 to invest.

Let x be the amount that Maria invested initially at 6% interest rate.

0.06x

Then she invested the remaining amount at 10% interest rate.

0.10(10,000 - x)

She received a total of $880 in interest.

0.06x + 0.10(10,000 - x) = 880

0.06x + 1000 - 0.10x = 880

-0.04x = 880 - 1000

-0.04x = -120

0.04x = 120

x = 120/0.04

x = $3,000

This is the amount that Maria invested initially at 6% interest rate.

The remaining amount is

10,000 - 3,000

$7,000

This is the remaining amount that she invested at 10% interest rate.