Question 576375: I tried this one for at least 45 minutes, and really need help, please.
Mr. Elliot is extremely careful with his money. He recently invested part of his $150,000 life savings in gold bullion and the rest in a nuclear blast-proof bank. Mr. Elliot earned a 5% profit on his gold bullion and a 3% profit on the money in the bank. If he made a total of $5,500 from both investments, how much did he invest in gold bullion?
I tried both
.03x + .05(5,500 - x) = 150,000
and
.03x + .05(150,000 - x) + 5,500
solving for both, but neither came out right.
Thanks in advance for your help!
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Mr. Elliot is extremely careful with his money. He recently invested part of his $150,000 life savings in gold bullion and the rest in a nuclear blast-proof bank. Mr. Elliot earned a 5% profit on his gold bullion and a 3% profit on the money in the bank. If he made a total of $5,500 from both investments, how much did he invest in gold bullion?
I tried both
Equation:
Interest + interest = interest
.03x + .05(150,000 - x) = 5,500
----
Multiply thru by 100 to get:
3x + 5*150000 - 5x = 550000
----
-2x = 550000-750000
-2x = -200000
x = $100,000 (amt. invested at 3%
150,000-x = $50,000 (amt. invested at 5%
==================
Cheers,
Stan H.
==============
=====================
|
|
|
