SOLUTION: Melinda Bowen receives an annual amount of $234.50 from investing one amount of money at 6% and another amount at 5%. If the investments were interchanged, her income would increas

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Question 174701: Melinda Bowen receives an annual amount of $234.50 from investing one amount of money at 6% and another amount at 5%. If the investments were interchanged, her income would increase by $5.10. Find the amounts she invested.
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Melinda Bowen receives an annual amount of $234.50 from investing one amount of money at 6% and another amount at 5%. If the investments were interchanged, her income would increase by $5.10. Find the amounts she invested.
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Interest Equation: 0.06a + 0.05b = 234.50
Interest Equation: 0.05a + 0.06b = 239.50
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Modify:
6a + 5b = 23450
5a + 6b = 23950
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Multiply 1t by 5 and 2nd by 6 to get:
30a + 25b = 5*23450
30a + 36b = 6*23950
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Subtract 1st from 2nd to get:
11b = 6*23950-5*23450
b = $2404.55 (amount invested at 6%)
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Substitute to solve for a:
a = $1904.55
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Cheers,
Stan H.