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Question 129244: Buddy inherited $12,000.00. He invested part of the money at 4% and the rest at 5 1/2%. If his annual income from these investments is $532.50, how much did he invest at each rate?
Answer by checkley71(8403)   (Show Source):
You can put this solution on YOUR website! .055x+.04(12,000-x)=532.5
.055x+480-.04x=532.5
.015x=532.5-480
.015x=52.5
x=52.5/.015
x=3500 amount of the investment @ 5.5%
12,000-3,500=8500 invested @ 4%.
proof
.055*3500+.04*8500=532.5
192.5+340=532.5
532.5=532.5
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ANSWER: BUT IT'S MESSY, IN MY OPINION:
5.5/100X+4/100(12,000-X)=532.5
5.5X/100+48000/100-4X/100=532.5
(5.5X+48000-4X)/100=532.5
(1.5X+48000)/100=532.5 NOW CROSS MULTIPLY
1.5X+48000=53250
1.5X=53250-48000
1.5X=5250
X=5250/1.5
X=3,500 AMOUNT INVESTED @ 5.5%
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