SOLUTION: To Whomever can assist... Thanks!
Nina received an inheritance of $12,000 from her grandmother. She invested part of it at 6% interest and the remainder at 8%. If the total ye
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Question 57583This question is from textbook Elementary and Intermediate Algebra
: To Whomever can assist... Thanks!
Nina received an inheritance of $12,000 from her grandmother. She invested part of it at 6% interest and the remainder at 8%. If the total yearly interest from both investments was $860, how much did she invest at each rate?
This question is from textbook Elementary and Intermediate Algebra
Answer by rcmcc(152) (Show Source): You can put this solution on YOUR website!
we can solve this question by setting up a linear equation,
let x be investment 1
let y be investment 2
because both investments x and y add up to 12000 we can state
x+y=12000
because the interest on x is 6% and y is 8% and the total interest earned is 860 we can state
0.06X+0.08Y=860...we have to convert the percent to a decimal
so these are your 2 equations.
x+y=12000
0.06X+0.08Y=860
to solve for y we must multiply the top equation by .06
.06X+.06Y=720
subtract the bottom equation from the top equation to leave y in a single equation.
.06X+.06Y=720
-
0.06X+0.08Y=860
so
-.02Y=-140
multiply by -1 to make them positive numbers
.02Y=140
now divide by .02 to each sides to isolate y
y=7000
solve for x by placing y into the first equation
x+7000=12000
subtract 7000
x=5000.
so nina invested $5000 at 6% interest and 7000 at 8% interest
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