SOLUTION: You invested $5000 of your savings, part at 11% annual interest and the rest at 13% annual interest. if you received $610 interest at the end of the first year, how much did you
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Question 998442: You invested $5000 of your savings, part at 11% annual interest and the rest at 13% annual interest. if you received $610 interest at the end of the first year, how much did you invest at each rate?
You can put this solution on YOUR website! Call the amount invested at 11%, x. Thus the amount invested at 13% is 5000-x. The setup is like this:
.11x + .13(5000-x) = 610
.11x + 650 - .13x = 610
-.02x = -40
x = $2000 invested at 11%
and $3000 invested at 13%
