SOLUTION: Matthew invested some of his money at 6.5% and $450 less at 8%. His total annual intrest income is $167. How much did Matthew invest at 8%?

Algebra ->  Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> SOLUTION: Matthew invested some of his money at 6.5% and $450 less at 8%. His total annual intrest income is $167. How much did Matthew invest at 8%?      Log On


   

Question 125244: Matthew invested some of his money at 6.5% and $450 less at 8%. His total annual intrest income is $167. How much did Matthew invest at 8%?
Answer by dolly(163) About Me  (Show Source):
You can put this solution on YOUR website!
Let the money invested at 6.5% be x
Then money invested at 8% = (x-450)
His annual interest = $ 167
==> x(0.065) + (x-450)(0.08) = 167
==> x(0.145) - 36 = 167
==> x(0.145) = 36 + 167
==> x(0.145) = 203
==> x = 203/0.145
==> x = 1400
Thus the money invested at 8% = 1400 - 450
= $ 950
good luck