Quantcast

A community for students. Sign up today!

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

GREcram

  • 2 years ago

This is a word problem involving simple interest: Pat invested $3000, part went into an acct that paid 10% simple annual interest, and another part went into an acct that paid 8% simple annual interest. If the total interest at the end of the year was $256, how much with the investment in each acct at the beginning of the year?

  • This Question is Open
  1. slaaibak
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    x(.08) + (3000 - x)(1.1) = 256 Solve that.

  2. GREcram
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Does the 1.1 come from the 10% part?

  3. slaaibak
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Sorry I made a typo. It should be x(.08) + (3000 - x)(0.1) = 256 where the .08 is from the 8% and the 0.1 is from the 10%

  4. GREcram
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    I think I'm messing this up somehow... I ended up with X= -11,300. LOL I know that's not right

  5. GREcram
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    @Limitless , can you help me?

  6. Not the answer you are looking for?
    Search for more explanations.

    • Attachments:

Ask your own question

Ask a Question
Find more explanations on OpenStudy

Your question is ready. Sign up for free to start getting answers.

spraguer (Moderator)
5 → View Detailed Profile

is replying to Can someone tell me what button the professor is hitting...

23

  • Teamwork 19 Teammate
  • Problem Solving 19 Hero
  • You have blocked this person.
  • ✔ You're a fan Checking fan status...

Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.