SOLUTION: Mike invested $7000 for one year. He invested part of it at 8% and the rest at 12%. At the end of the year he earned $764 in interest. How much did he invest at each rate?
please
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Question 202025: Mike invested $7000 for one year. He invested part of it at 8% and the rest at 12%. At the end of the year he earned $764 in interest. How much did he invest at each rate?
please help. Found 2 solutions by stanbon, rfer:Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Mike invested $7000 for one year. He invested part of it at 8% and the rest at 12%. At the end of the year he earned $764 in interest. How much did he invest at each rate?
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Equation:
interest + interest = interest
0.08x + 0.12(7000-x) = 764
Multiply thru by 100 to get:
8x + 12*7000 -12x = 76400
-4x = -7600
x = $1900 (amt. invested at 8%)
7000-x = $5100 (amt. invested at 12%)
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Cheers,
Stan H.
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You can put this solution on YOUR website! x=8% investment
7000-x=12% investment
.08x+.12(7000-x)=764
.08x+840-.12x=764
.04x=76
x=1900
7000-x=5100
1900*.08=152
5100*.12=612
total =764
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