SOLUTION: A person invests $8000 for one year. Part of this amount is invested at 2.65% simple interest and the rest is invested at 3.12% simple interest. If the total interest received from
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Question 319312: A person invests $8000 for one year. Part of this amount is invested at 2.65% simple interest and the rest is invested at 3.12% simple interest. If the total interest received from both investments is $235.50, find the amounts invested at each rate Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! A person invests $8000 for one year. Part of this amount is invested at 2.65% simple interest and the rest is invested at 3.12% simple interest. If the total interest received from both investments is $235.50, find the amounts invested at each rate.
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Equations:
Quantity Equation: x + y = 8000
Interest Equation:0.0265x + 0.0312y = 235.50
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Multiply thru the 1st equation by 265
Multiply thru the 2nd equation by 10000
265x + 265y = 265*8000
265x + 312y = 2355000
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Subtract 1st Eq. from 2nd and solve for "y":
47y = 235000
y = $5000 (amt. invested at 2.65%)
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x = 8000-5000 = $3000 (amt. invested at 3.12%)
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Cheers,
Stan H.
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