SOLUTION: Larry Mitchell invested part of his $29,000 advance at 8% annual simple interest and the rest at 7% annual simple interest. If his total yearly interest from both accounts was 2,04
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: Larry Mitchell invested part of his $29,000 advance at 8% annual simple interest and the rest at 7% annual simple interest. If his total yearly interest from both accounts was 2,04
Log On
Question 1092496: Larry Mitchell invested part of his $29,000 advance at 8% annual simple interest and the rest at 7% annual simple interest. If his total yearly interest from both accounts was 2,040, find the amount invested at each rate. Answer by addingup(3677) (Show Source):
You can put this solution on YOUR website! Let the part invested at 8% be x. Then,
0.08x+0.07(29000-x) = 2040
0.08x+2030-0.07x = 2040
0.01x = 10
x = 1000
So, 1000 is invested at 8% and 29000-1000 = 28000 at 7%
-----------------------------------------------
Check:
1000(0.08). . = 80
28000(0.07). .= 1960
--------------------
Total . . . . = 2040 Correct
