SOLUTION: A total of $10,000 is invested in two funds paying 7% and 10% simple interest. (There is more risk in the 10% fund.) The combined annual interest for the two funds is $805. The sys

Question 928351: A total of $10,000 is invested in two funds paying 7% and 10% simple interest. (There is more risk in the 10% fund.) The combined annual interest for the two funds is $805. The system of equations that represents this situation is

x + y = 10,000
0.07x + 0.10y = 805
where x represents the amount invested in the 7% fund and y represents the amount invested in the 10% fund. Solve this system to determine how much of the $10,000 is invested at each rate.
7% Fund= $
10% Fund=$

Answer by richwmiller(17219) (Show Source): You can put this solution on YOUR website!
Total amount of money invested: $10000
x+y=10000,
Total yearly interest for the two accounts is: $805
0.07*x+0.10*y=805
x=10000-y
Substitute for x
0.07*(10000-y)+0.1*y=805
Multiply out
700-0.07*y+0.1*y=805
Combine like terms.
0.03*y=105
Isolate y
y=$ 3500.00 at 10% earns $350 interest
x=10000-y
Calculate x
x=$ 6500.00 at 7% earns $455 interest
Check
0.07*6500+0.1*3500=805
455+350=805
805=805
If 805=805 is TRUE and neither x nor y is negative then all is well
codeint1

RELATED QUESTIONS
A total of $25,000 is invested in two funds paying 7% and 7.5% simple interest. The... (answered by macston)

A total of $80,000 is invested in two funds paying 2.3% and 3.1 % simple interest. The... (answered by stanbon)

A total of $50,000 is invested in two funds paying 8% and 8.5% simple interest. The... (answered by Mathtut,checkley77,solver91311)

a total of 15000 is invested in two funds paying 4%and 5% simple interest. the annual... (answered by mananth)

A total of $25,000 is invested in two funds paying 3% and 3.5% simple interest. The... (answered by ewatrrr)

A total of $25,000 is invested in two funds paying 6% and 6.5% simple interest. The... (answered by richwmiller)

You plan to invest $25,000 in two funds paying 3% and 4 1/2% simple interest.(There is... (answered by stanbon)

You plan to invest $19,000 in two funds paying 3% and 4.5 simple interest. (There is... (answered by richwmiller)

A total of $11,000 is invested in two funds paying 7% and 8% simple interest. If the... (answered by mananth)