SOLUTION: mr parsons invested a sum of money at 6% and a 2nd sum, $500 more than the first, at 8%. if the total annual income was $180, how much did he invest at each rate?

Algebra.Com
Question 429941: mr parsons invested a sum of money at 6% and a 2nd sum, $500 more than the first, at 8%. if the total annual income was $180, how much did he invest at each rate?
Answer by ewatrrr(24785)   (Show Source): You can put this solution on YOUR website!

Hi
$500 more than the first, at 8%
Let x and (x+$500) represent the amount invested at 6% and 8% respectively
Question states***
.06x + .08(x+$500) = $180
Solving for x
.14x = 140
x = $1000,amount invested at 6%. $1500 at 8%
CHECKING our Answer***
.06*$1000 + .08*$1500 = $60 + $120 = $180
RELATED QUESTIONS

Mr. Traynor invested a sum of money at 6%. He invested a second sum, $250 more than the... (answered by stanbon,richwmiller)
A sum of money invested at 6% interest and a second sum at 5% yield a total annual income (answered by rothauserc)
mrs. carter invested a sum of money at 4 %. she invested a second sum, $250 more than the (answered by checkley79)
Mrs. Carter invested a sum of money at 4%. she invested a second sum, $250 more than the... (answered by mananth)
How do I set up this problem? Mr. Fox invested a sum of money at 6%. He invested a... (answered by mananth)
Mr.Cooper invested a sum of money at 6%. He invested a second sum, $150 more than the... (answered by lwsshak3)
Nancy invested a sum of money at 6%. She invested a second sum, $500 more than the first... (answered by macston)
Hello. I'm hoping someone would answer this. I needed it as in ASAP. Thank you. . . (answered by KMST)
Juan invested a sum of money at 6%. He invested a second sum, which exceeded twice the... (answered by solver91311)