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: 38

Answer

He invested 700 dollars at 6% interest. He invested 500 dollars at 4% interest.

Work Step by Step

Let X represent the amount of money invested at 6% interest. At the end of the year, he received 6% $\times$ X = 0.06X Since he invested 1200 dollars total, at 4% interest he invested 1200 - X. At the end of the year, he received 4% $\times$ (1200 - X) = 48 - 0.04X The total yearly interest from both investments was 62, so we can set up the following equation: 0.06X + 48 - 0.04X = 62 0.02X = 62 - 48 0.02X = 14 Divide both sides by 0.02 X = 700 He invested 700 at 6% interest. He invested 1200 - 700 = 500 at 4% interest.
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