Question 746292: a total of $7000 is invested: part at 9% and the remainder at 11%. How much is invested at each rate if the annual interest is $700 Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! Part I 9.00% per annum ------------- Amount invested =x
Part II 11.00% per annum ------------ Amount invested = y
7000
Interest----- 700.00
Part I 9.00% per annum ---x
Part II 11.00% per annum ---y
Total investment
x + 1 y= 7000 -------------1
Interest on both investments
9.00% x + 11.00% y= 700
Multiply by 100
9 x + 11 y= 70000.00 --------2
Multiply (1) by -9
we get
-9 x -9 y= -63000.00
Add this to (2)
0 x 2 y= 7000
divide by 2
y = 3500
Part I 9.00% $ 3500
Part II 11.00% $ 3500
