SOLUTION: Michael has 5000 to invest. He wants to invest part in an account that pays 8% interest and part into an account that pays 5% interest. How much should he invest at 5% so that the
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Question 914233: Michael has 5000 to invest. He wants to invest part in an account that pays 8% interest and part into an account that pays 5% interest. How much should he invest at 5% so that the total investment earns 7% interest?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Total amount invested = 5000
amount invested at 5.00% = x
amount invested at 8.00% = 5000 -x
Return on investment = 7.00% on 5000
5.00% x+ 8.00% ( 5000 -x)= 7.00% * 5000
multiply by 100
5 x+ 8 ( 5000 -x)= 7 * 5000
5 x+ 40000 - 8 x= 35000
-3 x= -5000
/ -3
x=1666.67
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