SOLUTION: Larry has an annual return of $213 from $3000 invested at simple interest, some at 5% and the rest a8%. How much is invested at each rate?
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Question 153279This question is from textbook
: Larry has an annual return of $213 from $3000 invested at simple interest, some at 5% and the rest a8%. How much is invested at each rate?
This question is from textbook
Answer by orca(409) (Show Source): You can put this solution on YOUR website!
Let x be the amount invested at 5%, then the amount invested at 8% was 3000 - x.
The total interest earned from the two investments can be expressed in terms of x as:
5%x + 8%(3000-x)
Setting it equal 213, we have
5%x + 8%(3000-x)=213
Solving for x, we obtain
5x + 8(3000 - x) = 21300 (multiply both sides by 100)
5x + 24000 - 8x = 21300
-3x = -2700
x = (-2700)/(-3)
x = 2700/3
x = 900
So Larry invested $900 at 5%,and $2,100 at 8%.
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