SOLUTION: 14,600 is invested, part at 5% and the rest at 2%. If the interest earned from the amount invested at 5% exceeds the interest earned from the amount invested at 2% by $479.00, how

Question 1153662: 14,600 is invested, part at 5% and the rest at 2%. If the interest earned from the amount invested at 5% exceeds the interest earned from the amount invested at 2% by $479.00, how much is invested at each rate? (Round to two decimal places if necessary.)
Answer by ikleyn(52790) (Show Source): You can put this solution on YOUR website!
.


Let x be the part invested at  5%.


Then the amount invested at 2% is (14600-x) dollars.


The 5% investment produces the interest of 0.05x dollars.


The 2% investment produces the interest of 0.02*(14600-x) dollars.


The condition says


    0.05x - 0.02(14600-x) = 479.


Express x and calculate


    x =  = 11014.29.


ANSWER.  $11014.29 was invested at 5%.  The rest,  (14600-11014.20) = 3585.71 dollars were invested at 2%.


CHECK.  0.05*11014.29 - 0.02*3585.71 = 479.00  dollars.   ! Precisely correct !

Solved.

-------------------

It is a standard and typical problem on investments.

If you need more details, or if you want to see other similar problems solved by different methods, look into the lesson
- Using systems of equations to solve problems on investment
in this site.

You will find there different approaches (using one equation or a system of two equations in two unknowns), as well as
different methods of solution to the equations (Substitution, Elimination).

Also, you have this free of charge online textbook in ALGEBRA-I in this site
- ALGEBRA-I - YOUR ONLINE TEXTBOOK.

The referred lesson is the part of this online textbook under the topic "Systems of two linear equations in two unknowns".

Save the link to this online textbook together with its description

Free of charge online textbook in ALGEBRA-I
https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson

to your archive and use it when it is needed.

RELATED QUESTIONS
26,876 is invested, part at 9% and the rest at 5%. If the interest earned from the amount (answered by mananth)

$9,609 is invested, part at 12% and the rest at 5%. If the interest earned from the... (answered by richwmiller)

$15,074 is invested part at 14% and the rest at 5% if the interest earned from the amount (answered by richwmiller,ikleyn)

$19187 is invested, part at 9% and the rest at 8%. If the interest earned from the amount (answered by rwm)

17,818 is invested, part at 11% and the rest at 6%. if the interest earned from the... (answered by richwmiller)

$20,862 is invested, part at 9% and the rest at 7%. If the interest earned from the... (answered by addingup)

$12,305 is invested, part at 10% and the rest at 8%. If the interest earned from the... (answered by mananth)

$6,446 is invested, part at 13% and the rest at 10%. If the interest earned from the... (answered by Theo)

$23,803 is invested, part at 8% and the rest at 5% if the interest earned from the amount (answered by richwmiller)