SOLUTION: Danny invested some money at 3% simple interest in some money at 7% simple interest. The amount invested at the higher rate was $5000 more than the amount invested at the lower rat
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Question 912170: Danny invested some money at 3% simple interest in some money at 7% simple interest. The amount invested at the higher rate was $5000 more than the amount invested at the lower rate. If the total interest on the investments for one year was $834 and how much did he invest at each rate? Answer by lwsshak3(11628) (Show Source):
You can put this solution on YOUR website! Danny invested some money at 3% simple interest in some money at 7% simple interest. The amount invested at the higher rate was $5000 more than the amount invested at the lower rate. If the total interest on the investments for one year was $834 and how much did he invest at each rate?
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let x=amt invested at 3%
x+5000=amt invested at 7%
3%x+7%(x+5000)=834
.03x+.07x+350=834
.10x=484
x=4840
x+5000=9840
amt invested at 3%=$4840
amt invested at 7%=$9840
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