SOLUTION: If you have $8000 to invest for college and you are investing part at 7% interest and part at 5% interest, how much should you invest at each rate in order to get $500 in interest

SOLUTION: If you have $8000 to invest for college and you are investing part at 7% interest and part at 5% interest, how much should you invest at each rate in order to get $500 in interest

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Question 96342: If you have $8000 to invest for college and you are investing part at 7% interest and part at 5% interest, how much should you invest at each rate in order to get $500 in interest after one year?
Answer by scott8148(6628) (Show Source): You can put this solution on YOUR website!
x(7%)+(8000-x)(5%)=500 ... .07x+400-.05x=500 ... .02x=100 ... x=5000 ... 8000-x=3000
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