SOLUTION: A student invests $5,500 at 5% and 6% annually. After one year, the student receives a total of $300 in interest. How much did the student invest at each interest rate?
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Question 1080141: A student invests $5,500 at 5% and 6% annually. After one year, the student receives a total of $300 in interest. How much did the student invest at each interest rate? Answer by dkppathak(439) (Show Source):
You can put this solution on YOUR website! : A student invests $5,500 at 5% and 6% annually. After one year, the student receives a total of $300 in interest. How much did the student invest at each interest rate?
solution
let x at 5%
5500-x at 6%
.05x+0.06(5500-x)=300
.05x+0.06*5500-.06x=300
-0.10x=300-330
-0.01x=-30
x=3000
$3000 at 5% and
$2500 at 6%
