SOLUTION: A college student earned $6300 during summer vacation working as a waiter in a popular restaurant. The student invested part of the money at 8% and the rest at 7%. If the student
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Question 286298: A college student earned $6300 during summer vacation working as a waiter in a popular restaurant. The student invested part of the money at 8% and the rest at 7%. If the student received a total of $479 in interest at the end of the year, how much was invested at 8%?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
A college student earned $6300 during summer vacation working as a waiter in a popular restaurant. The student invested part of the money at 8% and the rest at 7%. If the student received a total of $479 in interest at the end of the year, how much was invested at 8%?
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Equations:
Quantity Equation: x + y = 6300
Interest Equation:0.08x + 0.07y = 479
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Multiply thru the 1st equation by 7
Multiply thru the 2nd equation by 100
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7x + 7y = 7*6300
8x + 7y = 47900
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Subtract 1st Eq from 2nd and solve for "x":
x = $3800 (amt. invested at 8%
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Cheers,
Stan H.
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