SOLUTION: I've figured this out (trial and error) but need help with setting up the formula. Mr. Jones has $7000 to invest. He invests part at 8% and the rest at 8.5%. The amount at 8.5

Algebra ->  Expressions-with-variables -> SOLUTION: I've figured this out (trial and error) but need help with setting up the formula. Mr. Jones has $7000 to invest. He invests part at 8% and the rest at 8.5%. The amount at 8.5      Log On


   

Question 108532: I've figured this out (trial and error) but need help with setting up the formula.
Mr. Jones has $7000 to invest. He invests part at 8% and the rest at 8.5%. The amount at 8.5% makes $65 less at the end of the year than the amount invested at 8%. What amount has he invested in each account?
Answer by ankor@dixie-net.com(22740) About Me  (Show Source):
You can put this solution on YOUR website!
Mr. Jones has $7000 to invest. He invests part at 8% and the rest at 8.5%. The amount at 8.5% makes $65 less at the end of the year than the amount invested at 8%. What amount has he invested in each account?
:
Let x = amt invested at 8%
Then
(7000-x) = amt invested at 8.5%
:
Interest @ 8% = Interest @ 8.5% + $65
.08x = .085(7000-x) + 65
;
Find x