SOLUTION: A man invested $6000, part of it at 5% simple interest and the rest at 7% simple interest. If his annual interest income is $372, how much did he invest at each rate?
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Question 95923This question is from textbook Algebra and Trigonometry Structure and Method book 2
: A man invested $6000, part of it at 5% simple interest and the rest at 7% simple interest. If his annual interest income is $372, how much did he invest at each rate?
This question is from textbook Algebra and Trigonometry Structure and Method book 2
Answer by checkley71(8403) (Show Source): You can put this solution on YOUR website!
.07X+.05(6000-X)=372
.07X+300-.05X=372
.02X=372-300
.02X=72
X=72/.02
X=3600 INVESTED @ 7%
6000-3600=2400 INVESTED @ 5%.
PROOF
.07*3600+.05*2400=372
252+120=372
372=372
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