SOLUTION: Kaufman Financial Corp makes investments for corporate clients. It makes an investment of $3700 for 1 year at simple interest, yielding $297. Part of the money is invested at 7% an
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Question 135270: Kaufman Financial Corp makes investments for corporate clients. It makes an investment of $3700 for 1 year at simple interest, yielding $297. Part of the money is invested at 7% and the rest 9%. How much was invested at each rate? Answer by vleith(2983) (Show Source):
You can put this solution on YOUR website! Given: 3700 initial value. Part is invested at 7%, the rest at 9%. The resulting interest is 297.
Let x be that part of the initial value invested at 7%. Then (3700-x) is the part invested at 9%.
1800 is invested at 7%, 1900 at 9%
Check your answer. (1800*.07 + 1900*0.09) = 297 Check!
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