Question 5163: Allison invested $2200 in two banks. At the first bank she had an interest rate of 4 1/2% and at the second bank the interest rate was 5 3/4%. If the interest obtained at teh end of the year was $107.75, how much was invested at 5 3/4%.
O.K. This one is killing me. The book's answer is $700.00
First I changed the into decimals. For 4 1/2 - 0.45 and 0.575
Then I tried to make a equations, by using the invested amount.
0.45x + (2000-X)0.575=107.75
0.45x + 1,150 - 0.575x = 107.75
0.125x = 1042.25
I am stumped. Am completely wrong? Please tell me what I am doing wrong.
Thank you
Answer by guapa(62)   (Show Source):
You can put this solution on YOUR website! You are not completely wrong. You copied a wrong value from the question. The amount invested is $2200. You use $2000.
Furthermore, I would suggest that if you express % in decimals you divide by 100.
0.0575(x)+0.045(2200-x)=107.75
0.0575x + 99- 0.045x=107.75
0.0125x = 8,75
x = 700
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