SOLUTION: Terrell received a settlement for a large sum of money. Last year, he invested three-eights of it at an interest of 14% and one-half of it at a rate of 13%. If the total interest f

Question 514790: Terrell received a settlement for a large sum of money. Last year, he invested three-eights of it at an interest of 14% and one-half of it at a rate of 13%. If the total interest for one year from both investments is $1,292.50, how much was the settlement?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
let total money invested be x
percent---investment----Interest
14-------0.38 x-------0.053 x
13-------0.50 x-------0.065 x
Totalincome = 1292.5
0.053 x + 0.065 x= 1292.5
0.118 x = 1292.5
/ 0.118
x= 11000
His investment was $11,000
3/8+1/2= (3+4)/8 = 7/8
7/8 of his inheritance was $11,000
So he inherited
(11000/7) *8
=$12,571.45
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