SOLUTION: Carol invested $12,000 for one year, part at 10% annual interest and the balance at 12% annual interest. After the one year she earned $1420 in interest. How much was invested at e

Algebra ->  Finance -> SOLUTION: Carol invested $12,000 for one year, part at 10% annual interest and the balance at 12% annual interest. After the one year she earned $1420 in interest. How much was invested at e      Log On


   

Question 157585: Carol invested $12,000 for one year, part at 10% annual interest and the balance at 12% annual interest. After the one year she earned $1420 in interest. How much was invested at each rate?
Answer by checkley77(12844) About Me  (Show Source):
You can put this solution on YOUR website!
.12X+.10(12,000-X)=1,420
.12X+1,200-.10X=1,420
.02X=1,420-1,200
.02X=220
X=220/.02
X=11,000 INVESTED @ 12%
12,000-11,000=1,000 INVESTED @ 10%
PROOF:
.12*11,000+.10*1,000=1.420
1,320+100=1,420
1,420=1,420