SOLUTION: Mr Taylor has $10,000 to invest. he invested part of it at 8% and part of it at 6%. If his total simple interest was $760, find how much he invested for 1 year at each rate

Question 953254: Mr Taylor has $10,000 to invest. he invested part of it at 8% and part of it at 6%. If his total simple interest was $760, find how much he invested for 1 year at each rate
Answer by macston(5194) (Show Source): You can put this solution on YOUR website!
Mr Taylor has $10,000 to invest. he invested part of it at 8% and part of it at 6%. If his total simple interest was $760, find how much he invested for 1 year at each rate
E=8% investment; S=6% investment
E+S=$10000
E=$10000-S
0.08E+0.06S=$760 Substitute for E.
0.08($10000-S)+0.06S=$760
$800-0.08S+0.06S=$760 Subtract $760 from each side.
$40-0.02S=0 Add 0.02S to each side.
$40=0.02S Divide each side by 0.02
$2000=S ANSWER 1: He invested $2000 at 6%.
E=$10000-S=$1000-$2000=$8000 ANSWER 2: He invested $8000 at 8%.
CHECK:
0.08($8000)+0.06($2000)=$760
$640+$120=$760
$760=$760
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