SOLUTION: MR. Hill invested $10,000, part at 5.5% and part at 6%. The interest from the 5.5% investment exceeds the interest from the interest from the 6% investment by $251. How much did he
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Question 620945: MR. Hill invested $10,000, part at 5.5% and part at 6%. The interest from the 5.5% investment exceeds the interest from the interest from the 6% investment by $251. How much did he invest at each rate? Answer by MathTherapy(10858) (Show Source):
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MR. Hill invested $10,000, part at 5.5% and part at 6%. The interest from the 5.5% investment exceeds the interest from the interest from the 6% investment by $251. How much did he invest at each rate?
Let amounts invested at 5.5% be F
Since the interest from the 5.5% investment exceeds the interest from the 6% investment by $251, then we can say that:
.055(F) = .06(10,000 – F) + 251
.055F = 600 - .06F + 251
.055F + .06F = 600 + 251
.115F = 851
F, or amount invested at 5.5% = , or $
This means that the amount invested at 6% = $ ($10,000 – 7,400)
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