SOLUTION: Kermit and Miss piggy wish to invest $5,000. Part at 8% simple interest and the rest at 14% simple interest. If they must earn $610 in interest by the end of one year,how much shou
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Question 119826: Kermit and Miss piggy wish to invest $5,000. Part at 8% simple interest and the rest at 14% simple interest. If they must earn $610 in interest by the end of one year,how much should they invest at each rate?
Answer by checkley71(8403) (Show Source): You can put this solution on YOUR website!
.14X+.08(5000-X)=610
.14X+400-.08X=610
.06X=610-400
.06X=210
X=210/.06
X=3500 INVESTED @ 14%.
5000-3500=1500 INVESTED @ 8%
PROOF
.14*3500+.08*1500=610
490+120=610
610=610
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