SOLUTION: Please help :(
Sheila placed her savings in two investments. The interest rate on investment A is 10% and 12% on investment B. The annual income from the two investments would be
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Question 833127: Please help :(
Sheila placed her savings in two investments. The interest rate on investment A is 10% and 12% on investment B. The annual income from the two investments would be $3760. However, if the rates are interchanged her annual income would go down to $3720. What is the total amount of her savings?
Thank you!
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
Sheila placed her savings in two investments.
The interest rate on investment A is 10% and 12% on investment B.
The annual income from the two investments would be $3760.
However, if the rates are interchanged her annual income would go down to $3720.
What is the total amount of her savings?
:
Let a = amt in Investment A
Let b = amt in Investment B
Write an equation for each scenario
.10a + .12b = 3760
.12a + .10b = 3720
multiply the 1st equation by 1.2 and subtract the 2nd equation
.12a + .144b = 4512
.12a + .10b = 3720
------------------------subtracting eliminates a, find b
0 + .044b = 792
b = 792/.044
b = $18000 invested in B
Find a using the 2nd equation, replace b with 18000
.12a + .10(18000) = 3720
.12a = 1800 = 3720
.12a = 3720 - 1800
a = 1920/.12
a = $16000 invested in A
:
:
You can confirm this using the 1st original equation
.10(16000) + .12(18000) =
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