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.
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