Answer:
Step-by-step explanation:
You have the right numbers, but the wrong accounts.
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Let x represent the amount invested at 8% (the highest rate). Then the total interest is ...
.08x +.03(3000 -x) = .04(3000)
.05x = .01(3000) . . . . subtract .03(3000)
x = 3000/5 = 600
Matthew invested $600 at 8%, $2400 at 3%.
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<em>Comment on checking your answer</em>
You may notice that the overall interest rate is 4%, closer to 3% than to 8%. That means more of the money must be invested at 3% than at 8%.
