SOLUTION: Shelby inherited 1,000,000. He invested part of the money in a thoroughbred horse-breeding farm and the rest in a southern plantation. If shelby earns 12% on the farm and 2% on the
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Question 209296: Shelby inherited 1,000,000. He invested part of the money in a thoroughbred horse-breeding farm and the rest in a southern plantation. If shelby earns 12% on the farm and 2% on the plantation, for a combined profit of 50,000 how much did he invest in the farm?
Found 2 solutions by RAY100, stanbon:
Answer by RAY100(1637) (Show Source): You can put this solution on YOUR website!
Let A=$ farm,,,,,and ,,B=$ plantation
.
A + B = $ 1,000,000,,,,,or B=1,000,000 -A
.
and,,.12A +.02B = $ 50,000
.
subst,,,,,.12A +.02(1,000,000 -A) = 50,000
.
.12A +20,000 -.02A = 50,000
.
.10A = 30,000
.
A= $ 300,000
.
and,,,B= 1,000,000 - 300,000 = $ 700,000
.
.
checking,,,.12(300,000) +.02(700,000) = 50,000,,,,ok
.
and, A+B=1,000,000,,,ok
.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Shelby inherited 1,000,000. He invested part of the money in a thoroughbred horse-breeding farm and the rest in a southern plantation. If shelby earns 12% on the farm and 2% on the plantation, for a combined profit of 50,000 how much did he invest in the farm?
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Quantity Equation: f + p = 1,000,000
Interest Equation:0.12f + 0.02p = 50000
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Modify the equations and solve for "f":
2f + 2p = 2,000,000
12f+ 2p = 5,000000
10f = 3,000,000
f = 300,000 (amt. invested on the farm)
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Cheers,
Stan H.
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