Question

You invested ​$20,000 in two accounts paying 7% and 8% annual​ interest, respectively. If the total interest earned for the year was $1530, how much was invested at each​ rate?

Answer 1

$7,000 at 7%; $13,000 at 8%

Explanation

x: the amount invested at 7%

y: the amount invested at 8%

x + y = 20,000

7%.x + 8%.y = 1,530

⇒ x =7,000

y = 13,000