Elementary Algebra

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

Chapter 3 - Equations and Problem Solving - Chapter 3 Test: 25

Answer

2500 dollars were invested at 4%. 4000 dollars were invested at 6%.

Work Step by Step

Let X represent the amount invested at 4%. 1500 more than that amount is invested at 6%, which means that X + 1500 is invested at 6%. The interest from the first investment is 4% $\times$ X = 0.04X The interest from the second investment is 6% $\times$ (X + 1500) = 0.06X + 90 Because the interest from the two investments is 340 dollars, we create and solve the following equation: 0.04X + 0.06X + 90 = 340 0.1X + 90 = 340 0.1X = 250 Divide both sides by 0.1 X = 2500 2500 dollars were invested at 4%. 2500 + 1500 = 4000 dollars were invested at 6%.
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