SOLUTION: Mr.Thompson invests a principal of $8000; part at 8% per annum and the rest at 10% per annum. After one year, the total interest was $724. How much did Mr. Thompson invest at each
Algebra ->
Coordinate Systems and Linear Equations
-> SOLUTION: Mr.Thompson invests a principal of $8000; part at 8% per annum and the rest at 10% per annum. After one year, the total interest was $724. How much did Mr. Thompson invest at each
Log On
Question 68349: Mr.Thompson invests a principal of $8000; part at 8% per annum and the rest at 10% per annum. After one year, the total interest was $724. How much did Mr. Thompson invest at each rate? Answer by checkley71(8403) (Show Source):
You can put this solution on YOUR website! .10X+.08(8000-X)=724
.10X+640-.08X=724
.02X=724-640
.02X=84
X=84/.02
X=4200 INVESTED @ 10%
8000-4200=3800 INVESTED @ 8%
PROOF
4200*.10+3800*.08=724
420+304=724
724=724