|
Question 202750: An investor put 75% of his money into a 6% simple annual interest account and 25% of his money into a 5% annual interest account. Find the amount invested if the total amount of annual interest earned is $4312.50. What is the amount invested at 6%? Round to the nearest dollar.
Answer by Earlsdon(6294)   (Show Source):
You can put this solution on YOUR website! Let x = the total amount invested.
75% of the total is 0.75x
25% of the total is 0.25x
6% of the first amount is (0.75x)(0.06) = 0.045x
5% of the second amount is (0.25x)(0.05) = 0.0125x
Add these two amounts and set them equal to $4321.50
0.045x+0.0125x = $4321.50 Add the x-terms on the left side.
0.0575x = $4321.50 Divide both sides by 0.0575
x = $75,156.52 This is the total amount invested.
75% of $75,156.52 = $56,367.40 This is the amount invested at 6%
Rounded to the nearest dollar, this would be: $56,367.00
25% of $75,156.52 = $18,789.13 This is the amount invested at 5%
Rounded to the nearest dollar, this would be: $18,789.00
|
|
|
| |
