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Question 1060067: I have difficulty with little word problems like this, thanks for any help.
A total of $12,000 is invested in two funds paying 9% and 11% simple interest.
If the yearly interest is $1,180, how much of the $12,000 is invested at each
rate? (Simple interest is found by multiplying the amount invested by the rate)
Answer by Edwin McCravy(20060)   (Show Source):
You can put this solution on YOUR website! I have difficulty with little word problems like this, thanks for any help.
A total of $12,000 is invested in two funds paying 9% and 11% simple interest.
If the yearly interest is $1,180, how much of the $12,000 is invested at each
rate? (Simple interest is found by multiplying the amount invested by the rate)
| Dollars|Rate as| Dollars|
|Invested|decimal|Interest|
--------------------------------------|
First fund | x | 0.09 | 0.09x |
Second fund | y | 0.11 | 0.11y |
--------------------------------------|
Totals | 12000 |-------| 1180 |
Solve that system by substitution, and get
x = $7000, y = $5000
Edwin
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