Elementary Algebra

Published by Cengage Learning
ISBN 10: 1285194055
ISBN 13: 978-1-28519-405-9

Chapter 3 - Equations and Problem Solving - 3.5 - Problem Solving - Problem Set 3.5: 37

Answer

She invested 7000 dollars at 8% interest. She invested 5000 dollars at 6% interest.

Work Step by Step

Let X represent the amount of money invested at 8% interest. At the end of the year, she received 8% $\times$ X = 0.08X Since she invested 12,000 dollars in total, at 6% interest she invested 12,000 - X. At the end of the year, she received 6% $\times$ (12000 - X) = 720 - 0.06X The total yearly interest from both investments was 860 dollars, so we can set up the following equation: 0.08X + 720 - 0.06X = 860 0.02X = 140 Divide both sides by 0.02 X = 7000 She invested 7000 dollars at 8% interest. She invested 12000 - 7000 = 5000 dollars at 6% interest.
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