SOLUTION:
larry mitchell invested part of his 28000 advance at 3% annual simple interest and the rest at 5:% annual simple interest. if his yearly interest from both accounts was 920, find
Algebra.Com
Question 715448:
larry mitchell invested part of his 28000 advance at 3% annual simple interest and the rest at 5:% annual simple interest. if his yearly interest from both accounts was 920, find the amount at each rate.
Answer by checkley79(3341) (Show Source): You can put this solution on YOUR website!
.05X+.03(28,000-X)=920
.05X+840-.03X=920
.02X=920-840
.02X=80
X=80/.02
X=$4,000 INVESTED @ 5%.
28,000-4,000=$24,000 INVESTED @ 3%.
PROOF:
.05*4,000+.03*24,000=920
200+720=920
920=920
RELATED QUESTIONS
Larry Mitchell invested part of his
$16,000
advance at
5%
annual simple interest... (answered by ewatrrr)
Larry Mitchell invested part of his $22,000 advance at 5% annual simple interest and the... (answered by addingup)
Larry Mitchell invested part of his $30,000 advance at 5% annual simple interest and the... (answered by greenestamps)
larry mitchell invested part of his 14,000 advance at 7% annual simple interest and the... (answered by Boreal)
larry mitchell invested part of his $34,000 advance at 5% annual simple interest and the... (answered by fractalier)
Larry Mitchell invested part of his $17,000 advance at 6% annual simple interest and the... (answered by richwmiller)
larry mitchell invested part of his 13,000 advance at 6% annual simple interest and the... (answered by richwmiller)
Larry Mitchell invested part of his $19000 advance at 8% annual simple interest and the... (answered by richwmiller)
Larry Mitchell invested part of his 22,000 advance at 4% annual simple interest and the... (answered by macston)