SOLUTION: In investing $6,950 of a couple's money, a financial planner put some of it into a savings account paying 4% annual simple interest. The rest was invested in a riskier mini-mall de
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Question 1123392: In investing $6,950 of a couple's money, a financial planner put some of it into a savings account paying 4% annual simple interest. The rest was invested in a riskier mini-mall development plan paying 13% annual simple interest. The combined interest earned for the first year was $638. How much money was invested at each rate?
Answer by jerryguo41(197) (Show Source): You can put this solution on YOUR website!
The system of equations:
1. A financial planner put some of it into a savings account paying 4% annual simple interest. The rest was invested in a riskier mini-mall development plan paying 13% annual simple interest. The combined interest earned for the first year was $638.
2. investing $6,950 of a couple's money
System:
Rewrite and Plug-In
&&
$4000 was invested in the risky mini-mall dev plan, while $2950 was invested in the savings account.
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