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28 September, 15:24

A certain sum of money is invested at 10%. twice that amount is invested at 8%. the total amount of interest from both investments is $91. how much is invested at 8%?

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  1. 28 September, 16:38
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    Let x = Amount invested at 10%

    Then 2x = Amount invested at 8%

    The formula for simple interest is I = Prt

    Where I = interest, P = amount invested, r = interest rate and t = time in years

    Since the time is not given so assume it is one year

    Rate = 8 / 100 = 8% = 0.08

    Rate = 10 / 100 = 10% = 0.10

    I = 91

    91 = 0.08 (2x) + 0.10 (x)

    91 = 0.16x + 0.10x

    91 = 0.26

    91/0.26 = x

    x = 350

    Amount invested at 10% is x = $350, and

    Amount invested at 8% is 2x = 2x350 = $700
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