Hi there,
I can't figure out this computing interest problem from the official GRE book. I busted out the simple interest formula, and tried putting in 10% and 8% separately to solve for the principal for each. Wishing Pat had not chosen to diversify...
~Arielle
13.) Pat invested a total of $3,000. 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% simple annual interest. If the interest earned at the end of the first year from these investments was $256, how much did pat invest at 10% and how much at 8%?