Pat invested a total of 3000

Asked by maham237 @ in Business viewed by 211 People

Pat invested a total of $3,000. Part of the money was invested in a money market account that paid 10 percent simple annual interest, and the remainder of the money was invested in a fund that paid 8 percent simple annual interest. If the total interest earned at the end of the first year from these investments was $256, how much did Pat invest at 10 percent and how much at 8 percent

Answered by maham237 @


Answer:

$800 in account that pays 10% interest

$2,200 in account that pays 8% interest

Explanation:

Account A = Money market account that paid 10% simple annual interest

Account B = Money market account that paid 8% simple annual interest

W1 = Proportion of money invested in Account A

W2 = Proportion of money invested in Account B

W1 + W2 = 1

therefore, W1 = 1 - W2

Principle amount = $3,000

3000 x W1 = Amount of money invested in Account A

3000 x W2 = Amount of money invested in Account B

Total interest earned = $256

R1 = 10% simple interest on Account A

R2 = 8% simple interest on Account B)

Total Interest = (Principle x W1 x R1) + (Principle x W2 x R2)

256 = (3000 x W1 x 10%) + (3000 x W2 x 8%)

256 = 300 W1 + 240 W2

256 = 300 W1 + 240 ( 1 - W1)

256 = 300 W1 + 240 - 240 W1

16 = 60 W1

W1 = 16 / 60

W2 = 1 - W1 = 1 - (16/60) = 11/15

Amount of money invested in Account A = 3000 x W1 = 3000 x (16/60) = $800

Amount of money invested in Account B = 3000 x W2 = 3000 x (11/15) =$2,200


Similar Questions

Overcoming fixed mindset: a step-by-step guide to cultivating a growth mindset

Asked by wiki @ in Health viewed by 1240 persons

Which of the following would best complete this list?

Asked by wiki @ in Social Studies viewed by 709 persons

What had the king decided to do before he saw the spider

Asked by vanshika149 @ in English viewed by 1101 persons

Describe the karez in your own words

Asked by rajesh064 @ in English viewed by 1258 persons

What is 8 + (x + 5)?

Asked by jaylord7 @ in Mathematics viewed by 1056 persons

Take any three non-collinear points a b c and draw triangle a,b,c. through each vertex of the triangle draw a line parallel to the opposite side using ruler and compass

Asked by wiki @ in Mathematics viewed by 1452 persons

What is the topic of the info grapher

Asked by jesus643 @ in History viewed by 1347 persons

Elephant kills 11 in nepal , woman rescued from a friendly dolphine

Asked by kavin044 @ in English viewed by 1225 persons

What is the central idea of this excerpt? the goatherd wants the wild goats to join his herd. the bad weather keeps all the goats in their enclosure. the goatherd gives his own goats just enough food to survive. the wild goats leave because the goatherd mistreats his own goats.

Asked by nevaeh10 @ in English viewed by 1508 persons

What is the subject complement in the sentence ‘a long walk up the hill made us tired '

Asked by dog3636R @ in English viewed by 1297 persons

(-3,0);slope =2/3

Asked by timothy2 @ in Biology viewed by 1599 persons

Which is an example of situational irony in "wherefore art thou romeo?”

Asked by noah5213 @ in English viewed by 1531 persons

According to the elements of style, which sentence is written in active voice? the acceptance speech was given by the award winners. the pennants were won by the championship team. a memorable evening was had by all who attended the event. the workers took precautions while digging along power lines.

Asked by elijah67 @ in World Languages viewed by 1484 persons

Write two paragraphs to compare and contrast the narrators’ schools and explain how their schools shape their perspectives toward the hijab. cite evidence from the text to support your ideas.

Asked by evette57 @ in History viewed by 1672 persons

How to enhance knowledge regarding environmental factors through capsim?

Asked by wiki @ in Business viewed by 1701 persons

Most viewed questions in Business

Foolproof module 9 test answers

Asked by maham237 @ in Business viewed by 3320 persons

Able, baker, and charles are engaged in the marketing to and enrollment of beneficiaries into medicare health plans. mr. able is an independent agent paid directly by a health plan. ms. baker is an independent agent paid through a field marketing organization (fmo). mr. charles is an independent agent paid for his work by a third-party marketing organization (tmo). how do the cms compensation rules apply to these three agents?

Asked by maham237 @ in Business viewed by 2738 persons

Interest rates are expressed as a percentage of

Asked by maham237 @ in Business viewed by 2109 persons

How to enhance knowledge regarding environmental factors through capsim?

Asked by wiki @ in Business viewed by 1701 persons

Match the job titles with the career clusters.

Asked by maham237 @ in Business viewed by 1481 persons

A company that allows you to license software

Asked by maham237 @ in Business viewed by 1292 persons

Lupe is ready to open a checking account

Asked by maham237 @ in Business viewed by 1286 persons

Mays and mccovey are beer brewing companies

Asked by maham237 @ in Business viewed by 1217 persons

What must be marked on ready to eat bags phfs

Asked by maham237 @ in Business viewed by 1172 persons

Coq six sigma

Asked by maham237 @ in Business viewed by 1140 persons

Henry ford was the first entrepreneur to implement which strategy

Asked by maham237 @ in Business viewed by 1085 persons

Your company was recently served with a lawsuit

Asked by maham237 @ in Business viewed by 1074 persons

Case study starting a business project schedules and curves edgenuity

Asked by maham237 @ in Business viewed by 1064 persons

Which two of the four cs of credit have to do with earning potential and available cash?

Asked by wiki @ in Business viewed by 985 persons

The total annual expenditures on advertising in the united states

Asked by maham237 @ in Business viewed by 972 persons