SOLUTION: John invested $11000, a portion earning a simple interest rate of 4.5% per year and the rest earning a simple intrest rate of 4% per year. After one year the total value of John's
Algebra.Com
Question 178572: John invested $11000, a portion earning a simple interest rate of 4.5% per year and the rest earning a simple intrest rate of 4% per year. After one year the total value of John's investment is $11445.50.
How much did John invest at 4.5% interest rate? And how much did John invest at 4% interest rate?
HINT: the total value of John's investment includes both the amount he invested and the interest he earned.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
John invested $11000, a portion earning a simple interest rate of 4.5% per year and the rest earning a simple intrest rate of 4% per year. After one year the total value of John's investment is $11445.50.
How much did John invest at 4.5% interest rate? And how much did John invest at 4% interest rate?
--------------------
Equation:
interest + interest = interest
0.045x + 0.04(11000-x) = 445.50
Multiply thru by 1000 to get:
45x + 40*11000 - 40x = 445500
5x = 5500
x = $1100 (amt invested at 4.5%)
11000 - 1100 = $9900 (amt. invested at 4%
============================================
Cheers,
Stan H.
RELATED QUESTIONS
Katie invested $6000, a portion earning a simple interest rate of 3.25% per year and the... (answered by nerdybill)
Phyllis invested $11,500, a portion earning a simple interest rate of 5 1/4% per year and (answered by jorel555)
Phyllis invested 35000 dollars, a portion earning a simple interest rate of 5 percent per (answered by stanbon)
Phyllis invested 64000 dollars, a portion earning a simple interest rate of 5 percent per (answered by mananth)
Phyllis invested 43000dollars, a portion earning a simple interest rate of 5
percent per (answered by ikleyn,greenestamps)
Phyllis invested $13,500, a portion earning a simple interest rate of
4 1/2% per year... (answered by josmiceli)
Phyllis invested $13,500, a portion earning a simple interest rate of 5 1/5% per year and (answered by ikleyn)
Phyllis invested $12,000, a portion earning a simple interest rate of 4 and 1/2% per year (answered by elima)
Phyllis invested $12,000, a portion earning a simple interest rate of 4 and 1/2% per year (answered by rfer)