Given:
it is given that the amount 3,000 is invested between 2 accounts paying 5% and 8% annual interest respectively and the total interst earned for a year is 210.
Find:
we have to find the amounts invested at each rate.
Step-by-step explanation:
Let x be the amount invested at 5% interest rate.
Therefore, remaining amount (3000 - x) be invested at 8% interest rate.
Now, the interest earned by amount x at 5% rate is = x*0.05*1 = 0.05x
interest earned by amount (3000 - x) at 8% rate is = (3000 - x )*0.08*1
= 240 - 0.08x
Total interest earned = interest earned at 5% + interest earned at 8%
210 = 0.05x + 240 - 0.08x
210 -240 = - 0.03x
-30 = -0.03x
x = 30/0.03
x = 1000
Therefore, amount 1000 is invested at 5% interest rate and remaining (3000 - 1000) = 2000 is invested at 8% interest rate.