SOLUTION: Mr. Jones has $16,000 to invest. He invests part at 9% and the rest at 10%. If he earns $1,510 in interest after 1 year, how much did he invest at each rate?
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-> SOLUTION: Mr. Jones has $16,000 to invest. He invests part at 9% and the rest at 10%. If he earns $1,510 in interest after 1 year, how much did he invest at each rate?
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Question 1154013: Mr. Jones has $16,000 to invest. He invests part at 9% and the rest at 10%. If he earns $1,510 in interest after 1 year, how much did he invest at each rate? Found 2 solutions by mananth, ramkikk66:Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! Total money = 16000
Let x dollars be invested at 9%. So 16000 - x dollars would be invested at 10%.
Interest on the 1st part = x * 0.09
Interest on the 2nd part = (16000 - x) * 0.1
Total interest = 1510 (given)
i.e.
expanding
moving variables and constants to either side of the equation
i.e
Amount invested at 9% = 9000, interest earned = 9000 * 0.09 = 810
Amount invested at 10% = 16000 - 9000 = 7000, interest earned = 7000 * 0.1 = 700
Total interest = 810 + 700 = 1510, check!
Ans: dollars invested at 9%, dollars invested at 10%.
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