SOLUTION: Scott and Laura have both invested some money. Scott invested $3,000 more than Laura and at a 4% higher interest rate. If Scott received $750 annual interest and Laura received $25
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Question 145512This question is from textbook College Algebra
: Scott and Laura have both invested some money. Scott invested $3,000 more than Laura and at a 4% higher interest rate. If Scott received $750 annual interest and Laura received $250, how much did Scott invest? (There are two possibilities for how much Scott invested. Enter the smaller value first. Round your answer to the nearest cent.)
This question is from textbook College Algebra
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Scott and Laura have both invested some money. Scott invested $3,000 more than Laura and at a 4% higher interest rate. If Scott received $750 annual interest and Laura received $250, how much did Scott invest? (There are two possibilities for how much Scott invested. Enter the smaller value first. Round your answer to the nearest cent.)
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Laura DATA:
Amt invested = x dollars ; interest = 250 ; rate = (250/x)
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Scott DATA:
Amt invested = 3000-x dollars ; interest = 750 ; rate = 750/(3000-x)
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EQUATION:
[750/(3000-x)] - [250/x] = 0.04
I graphed the left side and the right side and found the point of intersection.
x = $821.59 (amount Laura invested)
3000-x = 3000-821.59 = $2178.41
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Cheers,
Stan H.
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