SOLUTION: Jerry invested $7000, part at 8% simple interest and the rest at 5% simple interest for a period of 1 year. If he received a total annual interest of $476 from both investments, ho

SOLUTION: Jerry invested $7000, part at 8% simple interest and the rest at 5% simple interest for a period of 1 year. If he received a total annual interest of $476 from both investments, ho

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Question 368757: Jerry invested $7000, part at 8% simple interest and the rest at 5% simple interest for a period of 1 year. If he received a total annual interest of $476 from both investments, how much did he invest at each rate?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
0.08x+0.05(7000-x)=476
0.08x+350-0.05x=476
0.03x=126
x=4200 at 8%
7000-x=2800 at 5%
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