document.write( "Question 417580: A self-employed contractor nearing retirement made two investments totaling $15,000. In one year, these investments yielded $1023 in simple interest. Part of the money was invested at 6% and the rest at 7.5%. How much was invested at each rate? \n" ); document.write( "

Algebra.Com's Answer #292326 by stanbon(75887) $\"\"$ $\"About$

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A self-employed contractor nearing retirement made two investments totaling $15,000. In one year, these investments yielded $1023 in simple interest. Part of the money was invested at 6% and the rest at 7.5%. How much was invested at each rate?
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\n" ); document.write( "Equations:
\n" ); document.write( "Quantity: x + y = 15000
\n" ); document.write( "Interest0.06x + 0.075y = 1023
\n" ); document.write( "-----
\n" ); document.write( "Multiply thru 1st by 6
\n" ); document.write( "Multiply thru 2nd by 1000
\n" ); document.write( "------
\n" ); document.write( "6x + 6y = 6*15000
\n" ); document.write( "6x + 75y = 1023000
\n" ); document.write( "----------------------------
\n" ); document.write( "Subtract and solve for \"y\":
\n" ); document.write( "69y = 933000
\n" ); document.write( "---
\n" ); document.write( "y = $13,521.74 (amt. invested at 7.5%
\n" ); document.write( "---
\n" ); document.write( "Solve for \"x\":
\n" ); document.write( "15000 - y = $1,478.27 (amt. invested at 6%
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\n" ); document.write( "Cheers,
\n" ); document.write( "Stan H.
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