SOLUTION: A self-emloyed contractor nearing retiremengt made two investments totaling $15,000. In one year, these investements yielded $573 in 3% simple interest. paty of the money was inves
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Question 1045603: A self-emloyed contractor nearing retiremengt made two investments totaling $15,000. In one year, these investements yielded $573 in 3% simple interest. paty of the money was investedat 3% and theorest at 4.5%. How much was invested at each rate?
Answer by garettbuff(18) (Show Source): You can put this solution on YOUR website!
Set up the problem .03 (15000-x)+.045=573
Simplify 450-.03x+.045x=573
Simplify .015x+450=573
Simplify .015=123
Multiply by 1000
15x=123000
Simplify
123000÷15=8,200=x
15000-8200=6800
So 3% at $6,800
And 4.5% at $8,200
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