SOLUTION: Can you solve the following problem: "Sponge Bob needs to make $1000 interest by investing $15,000. Some will be invested at 4% and the rest at 7%. How much should he invest at eac

Question 672095: Can you solve the following problem: "Sponge Bob needs to make $1000 interest by investing $15,000. Some will be invested at 4% and the rest at 7%. How much should he invest at each rate?" My son was given this on an Algebra worksheet. He has other similar problems. I would like to see all the work so that we may solve the other problems. Thank you, Cyndi
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
I will assume that the investments are for 1 year.
Let = the amount invest at 4%
Then will be the amount invested at 7%

He should invest $1,666.67 @4% and
$13,333.33 @ 7%
----------------
check answer

OK

RELATED QUESTIONS
Investing. Do Xuan Nam is going to invest $1000 at a simple interest rate of 4%. How long (answered by stanbon)

You are going to invest $20, 000, part at 12% and part at 16%. What is the most that can (answered by mananth)

A person wishes to deposit $5,000 per year in a savings account which earns interest of 8 (answered by ikleyn)

Solve Problem Using Linear Systems 13. One type of granola has 30% nuts, by mass. A... (answered by edjones)

You want to buy a $35,000 car. You can make a 10% down payment, and will finance the... (answered by Theo,math_tutor2020)

You want to buy a $25,000 car. You can make a 10% down payment, and will finance the... (answered by Boreal)

3. Pharmos Incorporated is a Pharmaceutical Company which is considering investing in a... (answered by ikleyn)

Suppose that Bob is building a shed and needs to pour a concrete slab to support it. Bob... (answered by josgarithmetic,MathLover1)

Can you please help me with this system of linear equations problem this needs to be... (answered by Alan3354)