Question
A man invests $8,000 in two accounts, one offering 5% annual interest and the other offering 8% annual interest. If the total interest earned after one year is $550, how much did he invest in each account?
A man invests $8,000 in two accounts, one offering 5% annual interest and the other offering 8% annual interest. If the total interest earned after one year is $550, how much did he invest in each account?
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Koala Tutor
Koala Ai Support
Got a question with my answer?
Let x be the amount of money invested at 5% annual interest.
So, the amount of money invested at 8% annual interest is 8000 - x.
Thus, x * 5/100 + (8000 - x) * 8/100 = 550.
Multiplying both sides by 100, we get 5x + 64000 - 8x = 55000.
Combining like terms, we get 3x = 9000.
Dividing both sides by 3, we get x = <<3000=3000>>3000.
Thus, the man invested $3000 at 5% interest and $8000 - $3000= $<<8000-3000=5000>>5000 at 8% annual interest. Answer: \boxed{3000,5000}.
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