Question 119799: Kermit and Miss Piggy wish to invest $5,000 ,part at 8% simple interest,and the rest at 14% simple interest. If they must earn $610 in interest by the end of one year,how much should they invest at each rate?
I need the equations.
& please solve this for me if you can.
thank you very much.
I appreciate it. : )
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Kermit and Miss Piggy wish to invest $5,000 ,part at 8% simple interest,and the rest at 14% simple interest. If they must earn $610 in interest by the end of one year,how much should they invest at each rate?
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Let amt. invested at 14% be "x" ; interest on this is 0.14x dollars
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Amt. invested at 8% is 5000-x ; interest is 0.08(5000-x)= 400-0.08x dollars
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EQUATION:
interest + interest = 610 dollars
0.14x + 400-0.08x = 610
0.06x = 210
x = $3500.00 (amt. to invest at 14%)
5000-x = $1500.00 (amt. to invest at 8%)
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Cheers,
Stan H.
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