SOLUTION: Two investments are made totaling $16,000. For a certain year, these investments yield $970 in simple interest. Part of the $16,000 is invested at 5% and the rest at 7%. How much i
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Question 69944: Two investments are made totaling $16,000. For a certain year, these investments yield $970 in simple interest. Part of the $16,000 is invested at 5% and the rest at 7%. How much is invested at 7%?
Answer by checkley75(3666) (Show Source): You can put this solution on YOUR website!
.07x+.05(16000-x)=970
.07x+800-.05x=970
.02x=970-800
.02x=170
x=170/.02
x=8500 invested @ 7%
16000-8500=7500 invested @ 5%
proof
.07*8500+.05*7500=970
595+375=970
970=970
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