SOLUTION: Tom invested 13,000.00 for one year, part at 9 percent annual interest and the rest at 7 percent annual interest. How much must he invest at 9 percent to get $1000.00 in interest i

Question 3285: Tom invested 13,000.00 for one year, part at 9 percent annual interest and the rest at 7 percent annual interest. How much must he invest at 9 percent to get $1000.00 in interest in a year?
Found 3 solutions by sujatha.krishna, Tanzina ahamed, Alan3354:
Answer by sujatha.krishna(11)   (Show Source): You can put this solution on YOUR website!
Interest = Principal *%Rate * Number of years
So 1000 = x * 9/100 * 1
x * 9 * 1
----------- = 1000
100
x = 100000/9
x= 11111.11
So he must invest 11,111.11 for a year at 9% rate to get 1000.00 as interest !!
Answer by Tanzina ahamed(5)   (Show Source): You can put this solution on YOUR website!
Sujata u have answered wrong in this soln.If anyone want the steps pls contact with me.Anyways the right answer is 4500.
Answer by Alan3354(69443)   (Show Source): You can put this solution on YOUR website!
Tom invested 13,000.00 for one year, part at 9 percent annual interest and the rest at 7 percent annual interest. How much must he invest at 9 percent to get $1000.00 in interest in a year?
----------
Amt = amount at 9%
Amt*0.09 + (13000 - Amt)*0.07 = 1000
0.02*Amt + 910 = 1000
Amt = 90/0.02 = $4500
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