SOLUTION: I am struggling with this problem. Please help. Sam Barns worked as a waiter. He earned $15,000 which he wants to invest. He invested a certian amount in a savings account that

Algebra ->  Percentage-and-ratio-word-problems -> SOLUTION: I am struggling with this problem. Please help. Sam Barns worked as a waiter. He earned $15,000 which he wants to invest. He invested a certian amount in a savings account that       Log On


   

Question 24500: I am struggling with this problem. Please help. Sam Barns worked as a waiter. He earned $15,000 which he wants to invest. He invested a certian amount in a savings account that pays 5% simple intrest. He invested the balance in another account that pays 3.5% simple interest. The total amount on interest earned is $600. How much did Sam invest at 5% and 3.5%. Thamks for any help you can give.
Answer by Earlsdon(6294) About Me  (Show Source):
You can put this solution on YOUR website!
Let x = the amount Sam invested at 5%, then ($15,000-x) = the amount invested at 3.5%. Change the percentages to their decimal equivalents and set up the equation to solve for x.
%280.05%29x+%2B+0.035%2815000-x%29+=+600 Simplify and solve for x.
0.05x+-+0.035x+%2B+525+=+600 Combine like-terms.
0.015x+%2B525+=+600 Subtract 525 from both sides of the equation.
0.015x+=+75 Divide both sides by 0.015
x+=+5000
Sam invested $5,000 at 5% interest and $15,000 - $5,000 = $10,000 at 3.5% interest.