SOLUTION: here is the question
you invested $8000 in two funds paying 2% and 5% annual interest respectively. At the end of the year, the interest from the 5% investment exceeded the the i
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you invested $8000 in two funds paying 2% and 5% annual interest respectively. At the end of the year, the interest from the 5% investment exceeded the the i
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Question 104348: here is the question
you invested $8000 in two funds paying 2% and 5% annual interest respectively. At the end of the year, the interest from the 5% investment exceeded the the interest from the 2% investment by $85. How much money was invested at each rate? Answer by ankor@dixie-net.com(22740) (Show Source):
You can put this solution on YOUR website! you invested $8000 in two funds paying 2% and 5% annual interest respectively. At the end of the year, the interest from the 5% investment exceeded the the interest from the 2% investment by $85. How much money was invested at each rate?
:
Let x = amt invested at 5%
Then
(8000-x) = amt invested at 2%
:
A simple equation
Interest at 5% - interest at 2% = $85
.05x + .02(8000-x) = 85
:
.05x - 160 + .02x = 85
:
.05x + .02x = 85 + 160
:
.07x = 245
:
x = 245/.07
:
x = $3500 invested at 5%
Then
8000 - 3500 = $4500 invested at 2%
:
Check solution by find the interest on both amts
.05(3500) = 175
.02(4500) = 95
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Difference = 85 as given
