Question

Olcquations

Answer 1

Answer:

• $600 at 8%
• $2400 at 3%

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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Comment on checking your answer

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%.