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Jamie invested $3000, part at 11% interest in a porridge company and part at 8% in a bowl company. She earned $216 more in interest from the 11% investment than she did from the 8% investment. How much did she invest at each rate?

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sqdancefan

Answer:

  • $2400 at 11%
  • $600 at 8%

Step-by-step explanation:

Let x represent the amount invested at 11%. Then (3000-x) is the amount invested at 8%. The interest difference is ...

  0.11x - 0.08(3000 -x) = 216

  0.19x -240 = 216 . . . . . . . . simplify

  0.19x = 456 . . . . . . . . . . . . add 240

  456/0.19 = x = 2400 . . . . . the amount invested at 11%

  3000-2400 = 600 . . . . . . . the amount invested at 8%

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