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mr. jones has $ 12 , 000 to invest. he invests part at 8 % and the rest at 9 % . if he earns $ 1 , 010 in interest after 1 year, how much did he invest at each rate?

Sagot :

Ayuneidn

To get $ 1,010 interest after 1 year, he should invest $7,000 at 8% rate and  $5,000 at 9% rate.

The amount of interest is given by:

I = P x r

Where:

P = principal of investment

r = interest rate

In the given problem,

Let:

x = the amount of money invested at interest rate 8%

Then, the amount of money invested at interest rate 9% is (12,000 - x)

Total interest he earns:

8% . x + 9% (12,000 - x) = 1010

0.08x + 1080 - 0,09x = 1010

0.01x = 1080 - 1010

0.01x = 70

x = 7,000

Hence,

The amount of money invested at interest rate 8% = $7,000

The amount of money invested at interest rate 9% =12,000 - x

=12,000 - 7,000 = $5,000

Therefore, he should invest $7,000 at 8% rate and  $5,000 at 9% rate.

Learn more about interest here:

https://brainly.com/question/25296782

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