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?

Algebra ->  Expressions-with-variables -> 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?      Log On


   

Question 206258: 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?
Answer by checkley77(12844) About Me  (Show Source):
You can put this solution on YOUR website!
.12x+.08(7,000-x)=764
.12x+560-.08x=764
.04x=764-560
.04x=204
x=204/.04
x=5,100 invested @ 12%.
7,000-5,100=1,900 invested @ 8%.
Proof:
.12*5,100+.08*1,900=764
612+152=764
764=764