SOLUTION: Jerry invested $10,000, part at 8% simple interest and the rest at 5% simple interest for a period of 1 year. If he received a total annual interest of $575 from both investments,

Question 1112898: Jerry invested $10,000, part at 8% simple interest and the rest at 5% simple interest for a period of 1 year. If he received a total annual interest of $575 from both investments, how much did he invest at each rate?
Answer by ikleyn(52776) (Show Source): You can put this solution on YOUR website!
.

Let x = an amount invested at 8%.

Then the amount invested at 5% is the rest (10000-x) dollars.


Your equation is

0.08*x + 0.05*(10000-x) = 575.


0.08x + 500 - 0.05x = 575

0.03x = 575 - 500 = 75  ====>  x =  =  = 2500.


Answer.  $2500 invested at 8%; the rest $7500 invested at 5%.

Solved.

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It is a typical and standard problem on investment.

To see many other similar solved problems on investment, look into the lesson
- Using systems of equations to solve problems on investment
in this site.

You will find there different approaches (using one equation or a system of two equations in two unknowns), as well as
different methods of solution to the equations (Substitution, Elimination).

Also, you have this free of charge online textbook in ALGEBRA-I in this site
- ALGEBRA-I - YOUR ONLINE TEXTBOOK.

The referred lesson is the part of this online textbook under the topic "Systems of two linear equations in two unknowns".

Save the link to this online textbook together with its description

Free of charge online textbook in ALGEBRA-I
https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson

to your archive and use it when it is needed.

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