1 answer:
Using simple interest, it is found that:
- The amount invested at 7% is $2,000.
- The amount invested at 8% is $8,000.
<h3>Simple Interest</h3>
Simple interest is used when there is a single compounding per time period.
The interest after t years in is modeled by:
In which:
- r is the interest rate, as a decimal.
In this problem:
- A total of $10,000 was invested, hence .
- Two accounts paying 7% and 8% annual interest, respectively, hence .
- The total interest earned for the year was $780, hence
Then:
Considering :
Considering :
Considering :
And:
Then:
- The amount invested at 7% is $2,000.
- The amount invested at 8% is $8,000.
You can learn more about simple interest at brainly.com/question/25296782
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