SOLUTION: In investing $6,100 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

Question 1123940: In investing $6,100 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 $532. How much money was invested at each rate?
Answer by ikleyn(52803) (Show Source): You can put this solution on YOUR website!
.

Let x = how much money was invested at 13%.

Then the amount invested at 4% is  (6100-x) dollars.


Interest from the 13% account = 0.13*x dollars.

Interest from the 4% account = 0.04*(6100-x).


Your equation is


    interest + interest      = total combined interest,    or


    0.13x    + 0.04*(6100-x) = 532    dollars.


    0.13x + 0.04*6100 - 0.04x = 532

    (0.13 - 0.04)x = 532 - 0.04*6100

    x =  = 3200.


Answer.  $3200 were invested at 13% and the rest,  6100-3200 = 2900 dollars were invested at 4%.

         Check.  0.13*3200 + 0.04*2900 = 532  dollars.    ! Correct !

Solved.

-------------------

It is a standard and typical problem on investments.

If you need more details, or if you want to see other similar problems solved by different methods, look into the lesson
- Using systems of equations to solve problems on investment
in this site.

You will find there different approaches (using one equation or a system of two equations in two unknowns), as well as
different methods of solution to the equations (Substitution, Elimination).

Also, you have this free of charge online textbook in ALGEBRA-I in this site
- ALGEBRA-I - YOUR ONLINE TEXTBOOK.

The referred lesson is the part of this online textbook under the topic "Systems of two linear equations in two unknowns".

Save the link to this online textbook together with its description

Free of charge online textbook in ALGEBRA-I
https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson

to your archive and use it when it is needed.

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