SOLUTION: 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, ho

SOLUTION: 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, ho

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Question 1041953: 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 jorel555(1290) (Show Source): You can put this solution on YOUR website!
Let n be the amount invested at 8%. Then
8n+5(7000-n)=47600
3n=12600
n=4200
$4200 was invested at 8%, $2800 was invested at 5%. ☺☺☺☺

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