SOLUTION: Jess invested $30 more at 6% than at 5%. If the total annual interest is $100, how much is invested at each rate?
I've tried working this out but to know avail. I'm helping my
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Question 195256: Jess invested $30 more at 6% than at 5%. If the total annual interest is $100, how much is invested at each rate?
I've tried working this out but to know avail. I'm helping my son and I'm lost. Thanks
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Jess invested $30 more at 6% than at 5%. If the total annual interest is $100, how much is invested at each rate?
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Equations:
Quantity Eq. : x = y + 30
Interest Eq. :0.06x + 0.05y = 100
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Substitute:
0.06(y+30) + 0.05y = 100
Multiply thru by 100 to get:
6(y+30) + 5y = 10000
6y + 180 + 5y = 10000
11y = 9820
y = $892.73 (amount invested at 5%)
x = y + 30 = 892.73 + 30 = $922.73 (amount invested at 6%)
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Cheers,
Stan H.
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