Question 818374: Word problems always twist me around. Your assistance is greatly appreciated. Thank you in advance.
An investment club used funds totaling $300,000 to invest in a bio-tech company and in an ethanol plant, with hopes of earning 12% and 16% annual simple interest, respectively. Their hunch paid off. The club made a total of $38,600 interest the first year. How much was invested at each rate?
$____________ at 12%
$ _____________at 16%
Answer by TimothyLamb(4379)   (Show Source):
You can put this solution on YOUR website! (0.12)b + (0.16)e = 38600
b + e = 300000
b = 300000 - e
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(0.12)b + (0.16)e = 38600
(0.12)(300000 - e) + (0.16)e = 38600
(0.12)300000 - (0.12)e + (0.16)e = 38600
(0.04)e = 2600
e = 2600/(0.04)
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e = $65000
b = $235000
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