SOLUTION: Buddy inherited $12,000.00. He invested part of the money at 4% and the rest at 5 1/2%. If his annual income from these investments is $532.50, how much did he invest at each rate?

Question 129248: Buddy inherited $12,000.00. He invested part of the money at 4% and the rest at 5 1/2%. If his annual income from these investments is $532.50, how much did he invest at each rate?
Answer by checkley71(8403) (Show Source): You can put this solution on YOUR website!
.055X+.04(12000-X)=532.5
.055X+480-.04X=532.5
.015X=532.5-480
.015X=52.5
X=52.5/.015
X=$3,500 AMOUNT INVESTED @ 5.5%
12,000-3,500=$8,500 INVESTED @ 4%
PROOF:
.055*3,500+.04*8,500=532.5
192.5+340=532.5
532.5=532.5
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