Question 909468: A part of a sum of money is invested at 5% and the other part which is three times as much as the first at 8%. The total annual interest earning is $58,000. How much is invested at each rate? show solution pls
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! A part of a sum of money is invested at 5% and the other part which is three times as much as the first at 8%. The total annual interest earning is $58,000. How much is invested at each rate? show solution pls
------------------------
Equation:
interest + interest = interest
0.05x + 0.08(3x) = 58000
----
5x + 24x = 5800000
29x = 5800000
x = $200,000 (amt. invested at 5%)
3x = $600,000 (amt. invested at 8%)
---------
Cheers,
Stan H.
|
|
|
