SOLUTION: Larry Mitchell invested part of his $22,000 advance at 5% annual simple interest and the rest at 4% annual simple interest. If his total yearly interest from both accounts was $940

Algebra ->  Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> SOLUTION: Larry Mitchell invested part of his $22,000 advance at 5% annual simple interest and the rest at 4% annual simple interest. If his total yearly interest from both accounts was $940      Log On


   

Question 1065126: Larry Mitchell invested part of his $22,000 advance at 5% annual simple interest and the rest at 4% annual simple interest. If his total yearly interest from both accounts was $940, find the amount invested at each rate.
Answer by addingup(3677) About Me  (Show Source):
You can put this solution on YOUR website!
An amount is invested at 5%. Let this amount be x. Thus, 0.05x
The rest is invested at 4%: 22,000-x is the amount invested at 4%. Put it all together:
0.05x+0.04(22,000-x) = 940
0.05x+880-0.04x = 940
0.01x = 60
x = 60/0.01 = 6,000 this is the amount invested at 5%
22,000-6,000 = 16,000 is the amount invested at 4%
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Check:
6,000*0.05 = 300
16,000*0.04 =640
. . . . . .--------------
Total . . . 940 Correct
:
John