SOLUTION: Two investments earn an annual income of $575. One investment earns an annual simple interest rate of 8.5%, and the other investment earns an annual simple interest rate of 6.4%. T
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Question 188371This question is from textbook An Applied Approach
: Two investments earn an annual income of $575. One investment earns an annual simple interest rate of 8.5%, and the other investment earns an annual simple interest rate of 6.4%. The total amount invested is $8,000. How much is invested in each account? This question is from textbook An Applied Approach
You can put this solution on YOUR website! let x and y be the amount invested at 8.5% and 6.4 % respectively
:
x+y=8000............eq 1
.085x+.064y=575.....eq 2
:
rewrite eq 1 to x=8000-y and plug it into eq 2
:
.085(8000-y)+.064y=575
:
680-.085y+.064y=575
:
-.021y=-105
:
y=5000 invested at 6.4%
:
x=8000-5000=3000 invested at 8.5%
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