SOLUTION: Walt made an extra $7000 last year from a part-time job. He invested part of the money at 6% and the rest at 8%. He made a total of $480 in interest. How much was invested at 8%?
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Question 1108701: Walt made an extra $7000 last year from a part-time job. He invested part of the money at 6% and the rest at 8%. He made a total of $480 in interest. How much was invested at 8%? Answer by ikleyn(52808) (Show Source):
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Walt made an extra $7000 last year from a part-time job. He invested part of the money at 6% and the rest at 8%.
He made a total of $480 in interest. How much was invested at 8%?
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Interest at 8% + interest at 6% = total interest
0.08*x + 0.06*(7000-x) = 480
0.08x + 420 - 0.06x = 480
0.02x = 480 - 420 ====> 0.02x = 60 ====> x [ = = 3000.
Answer. $3000 was invested at 8%.
Check. 0.08*3000 + 0.06*(7000-3000) = 480 dollars. ! Correct !
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