Question

A woman invested some money at 8% and some at 9% annual simple interest. The interest for 1 year on the combined investment of $10,000 was $860. How much was invested at each rate?

Answer 1

If $x is at 8%, then

.08x + .09(10000-x) = 860

Answer 2

$2000 at 8% & $8000 at 9% interest was invested.

Answer 3

Racquel, check your calculations.

2000(.08) + 8000(.09) = 880 , not 860 as needed.