SOLUTION: Minda invested her 5,000 earnings from working abroad in two banks, part at 8% annual interest and the rest at 9%. If the total annual interset for both dollar deposits is $435, ho
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Question 1059005: Minda invested her 5,000 earnings from working abroad in two banks, part at 8% annual interest and the rest at 9%. If the total annual interset for both dollar deposits is $435, how much was invested at each rate? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Minda invested her 5,000 earnings from working abroad in two banks, part at 8% annual interest and the rest at 9%. If the total annual interset for both dollar deposits is $435, how much was invested at each rate?
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Equations:
e + n = 5000 dollars
8e+9n = 48500
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Modify::
8e + 3n = 8*5000
8e + 9n = 48500
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Subtract and solve for "n"::
6n = 8500
n = $1416.67 (amt. invested at 9%)
Solve for "e":
e = 5000 - n = $3583.67
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Cheers,
Stan H.
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