SOLUTION: James invested some money at 5% interest. James also invested $⁢221 more than 2 times that amount at 7%. How much is invested at each rate if James receives $850.52 in intere
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Question 1093436: James invested some money at 5% interest. James also invested $221 more than 2 times that amount at 7%. How much is invested at each rate if James receives $850.52 in interest after one year? (Round to two decimal places if necessary.)
Found 2 solutions by josmiceli, addingup:
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
Use
Let = amount invested @ 5%
= amount invested @ 7%
= 1 year
Let = interest made @ 5% for 1 yr
= interest made at 7% for 1 yr
-----------------------------------------------
(1)
-------------------------
(2)
------------------------------------
Set (1) = (2)
and
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$4,395 invested @ 5%
$9,011 invested @ 7%
-------------------------
check:
and
--------------------------
OK
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
Let some money be x.
1) So the amount invested at 5% will be 0.05x.
~~~~~~~~~~~~~~~~
2) He invested the rest of the money at 7%. And the problem says this amount is 221 more than 2 times x: 0.07(2x+221)
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Put these two together:
0.05x + 0.07(2x+221) = 850.52
0.05x + 0.07(2x + 221) = 850.52
0.05x + 0.14x + 15.47 = 850.52
0.19x = 835.05
x = 4395 This is the amount invested at 5%
At 7%: (2*4395)+221 = 9011
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Let's check to see if I got you the right answer:
(0.05(4395)) + (0.07(9011)) = 850.52 Correct
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