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put this solution on YOUR website!18000 was invested.
interest earned was 2320
x = amount invested at 24%
y = amount invested at 5%
two equations you have to work with are:
x+y = 18000
.24x + .05y = 2320
solve for y in the first equation to get:
y = 18000 - x
replace y with 18000 - x in the second equation to get:
.24*x + .05*(18000-x) = 2320
remove parentheses to get:
.24*x + .05*18000 - .05*x = 2320
simplify and combine like terms to get
.19*x + 900 = 2320
subtract 900 from both sides to get:
.19*x = 2320 - 900 = 1420
divide both sides by .19 to get:
x = 7473.684211
replace x with 7473.684211 in x + y = 18000 to get:
7473.684211 + y = 18000
subtract 7473.684211 from both sides to get:
y = 18000 - 7473.684211 = 10526.31579
you have
x = 7473.684211
y = 10526.31579
x + y = 7473.684211 + 10526.31579 = 18000
.24x + .05y = .24*7473.684211 + .05*10526.31579 = 2320
Answer is confirmed.
Answer is:
You invest $7473.68 at 24% interest and you invest $10526.32 at 5% interest for one year to get $2320 interest by the end of the year.
