SOLUTION: $15,074 is invested part at 14% and the rest at 5% if the interest earned from the amount invested at 14% exceeds the interest earned from the amount invested at 5% by $1694.07 how
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-> SOLUTION: $15,074 is invested part at 14% and the rest at 5% if the interest earned from the amount invested at 14% exceeds the interest earned from the amount invested at 5% by $1694.07 how
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Question 1101355: $15,074 is invested part at 14% and the rest at 5% if the interest earned from the amount invested at 14% exceeds the interest earned from the amount invested at 5% by $1694.07 how much is invested at each rate? Round to two decimal places if necessary Found 2 solutions by richwmiller, ikleyn:Answer by richwmiller(17219) (Show Source):
You can put this solution on YOUR website! .
$15,074 is invested part at 14% and the rest at 5%. If the interest earned from the amount invested at 14% exceeds the interest
earned from the amount invested at 5% by $1694.07 how much is invested at each rate? Round to two decimal places if necessary
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From the condition, you have THIS system of 2 equations in 2 unknowns
x + y = 15074 (1) (counting investments)
0.14x - 0.05y = 1694.07 (2) (the difference between earnings)
To make your calculations easier, multiply eq(2) by 100 (both sides). The modified system is
x + y = 15074 (3)
14x - 5y = 169407 (4)
Now multiply eq(3) by 5. The modified system takes the form
5x + 5y = 5*15074 (5)
14x - 5y = 169407 (4)
Next add the equations (5) and (6) (both sides). The terms with 5y will cancel each other, and you will get a single equation for x:
19x = 5*15074 + 169407 = 244777.
x = = 12883.
Answer. It was invested $12883 at %14. The rest 15074 - 12883 = 2191 was invested at 5%.
Check. 0.14*12883 - 0.05*2191 = 1694.07. ! Correct !
