SOLUTION: Money and Mixture Problems:
Jerry invested $7000, part at 8% simple interest and the rest at 5% simple interest for a period of 1 year. If he received a total annual interest o
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Question 475553: Money and Mixture Problems:
Jerry invested $7000, part at 8% simple interest and the rest at 5% simple interest for a period of 1 year. If he received a total annual interest of $476 from both investments, how much did he invest at each rate?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Investment I 8.00% per annum
Investment II 5.00% per annum
x+y 7000 ------------------------1
8.00%x+5.00%y=$476.00
Multiply by 100
8x+5y= $47,600.00 --------2
Multiply (1) by -8
we get
-8x-8y= -56000.00
Add this to (2)
-3y=-$8,400.00
divide by-3
y=$2,800.00----investment at 5.00%
Balance $4,200.00----investment at 8.00%
m.ananth@hotmail.ca
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