Andrew M. answered • 07/03/16

Tutor

New to Wyzant
Mathematics - Algebra a Specialty / F.I.T. Grad - B.S. w/Honors

It looks like you are using compound interest that is

compounded annually. The formula is:

A = P(1+r/n)

^{n}^{t}A = future or final amount = 5090

P = principal investment (total of 5000)

r = interest rate = 5% and 8% respectively

n = # times compounded per year = 1

t = time in years = 1

Since n=1 and t=1 the formula simply reduces to:

A = p(1+r)

Let x = amount invested at 5%

Then 5000-x = amount invested at 8%

5090 = x(1+.05) + (5000-x)(1+.08)

5090 = x(1.05) + (5000-x)(1.08)

5090 = 1.05x - 1.08x + 5400

Solve for x to find out how much was invested at 5%

Then 5000-x = amount invested at 8%