SOLUTION: A boy invested $860 of his Bar Mitzvah money. He put part of it in the bank at 4.5% interest and lent the remainder to his parents at 7%. If after one year the interest on these in
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-> SOLUTION: A boy invested $860 of his Bar Mitzvah money. He put part of it in the bank at 4.5% interest and lent the remainder to his parents at 7%. If after one year the interest on these in
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Question 1029772: A boy invested $860 of his Bar Mitzvah money. He put part of it in the bank at 4.5% interest and lent the remainder to his parents at 7%. If after one year the interest on these investments was $51.95. Find how much he put in the bank.
PLEASE USE SYSTEMS OF EQUATIONS AND SHOW YOUR WORK !!! Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website! Let = the amount he put in the bank
Let = the amount he lent to parents
( I'm assuming simple annual interest )
------------------
(1)
(2)
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(2)
(2)
Multiply both sides of (1) by
and subtract (1) from (2)
(2)
(1)
----------------------
and
(1)
(1)
----------------
He put $330 in the bank
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check:
(2)
(2)
(2)
(2)
OK
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