- #1
zak100
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Homework Statement
Pat invested a total of 3000$. Part of the money was invested in a money market account that paid 10 percent simple annual interest, and the remainder of the money was invested in a fund that paid 8 percent simple annual interest. If the interest earned at the end of first year from these investments was 256$, how much did Pat invest at 10 percent and how much at 8 percent?[/B]
Homework Equations
V = P(1 + rt/100)
V= interest amount
P = Principal amount
r = rate
t = time in years
The Attempt at a Solution
P = TenP + EightP or 3000 = TenP + EightP[/B]
V= TenV + EightV or 256 = TenV + EightV
For 10%
TenV = TenP ( 1 + 0.1 *1)
For 8%
EightV = EightP(1 + 0.08 *1)
I have not developed the full solution but is it fine to work in this way or there is any other possibility? Some body please guide me.
Zulfi.