SOLUTION: Mr.Harvey invested a sum of money at 4%.He invested a second sum at 3%.If the annual income from the first investment is equal to the annual income from the second investment,and i

Question 80036: Mr.Harvey invested a sum of money at 4%.He invested a second sum at 3%.If the annual income from the first investment is equal to the annual income from the second investment,and if the investments total $7000,how much did he invest at each rate?
Found 2 solutions by checkley75, stanbon:
Answer by checkley75(3666) (Show Source): You can put this solution on YOUR website!
.04x=.03(7000-x)
.04x=210-.03x
.04x+.03x=210
.07x=210
x=210/.07
x=3000 amount invested @ 4%
7000-3000=4000 amount invested @ 3%
proof
.04*3000=.03*4000
120=120
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Mr.Harvey invested a sum of money at 4%.He invested a second sum at 3%.If the annual income from the first investment is equal to the annual income from the second investment,and if the investments total $7000,how much did he invest at each rate?
-------------
Let "x" be amt invested at 4%; Interest on this is 0.04x dollars
Then "7000-x" is amt invested at 3%; Interest on this is 0.03(7000-x)
= 210-0.03x dollars
EQUATION:
1st interest = 2nd interest
0.04x=210-0.03x
0.07x=210
x=3000 (amount invested at 4%)
7000-x=4000 (amount invested at 3%)
Cheers,
Stan H.
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