SOLUTION: A total of $10,000 is invested in two funds paying 5% and 9% simple interest. If the interest for the first year is $700, how much is invested at 7%?
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Question 549911: A total of $10,000 is invested in two funds paying 5% and 9% simple interest. If the interest for the first year is $700, how much is invested at 7%?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Investment I 5.00% per annum
Investment II 9.00% per annum
x + y 10000 ------------------------1
5.00% x + 9.00% y = $700.00
Multiply by 100
5 x + 9 y = $70,000.00 --------2
Multiply (1) by -5
we get
-5 x -5 y = -50000.00
Add this to (2)
0 x 4 y = $20,000.00
divide by 4
y = $5,000.00 investment at 9.00%
Balance $5,000.00 investment at 5.00%
CHECK
$5,000.00 $250.00
$5,000.00 $450.00
Total $700.00
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