Step-by-step explanation:
Given that
Total investment = $ 500
Let $x be invested at 7% and (500-x ) was invested at 8%
∴ The total interest after 1 year =$[tex][\frac{x\times 7\times1}{100} +\frac{(500-x)\times8\times 1}{100}][/tex]
According to problem,
[tex][\frac{x\times 7\times1}{100} +\frac{(500-x)\times8\times 1}{100}][/tex] = 38
⇔7x +4000 - 8x = 38×100
⇔ -x = 3800 - 4000
⇔x = $ 200
Therefore $(500-200)= $300 was invested at 8% rate
