SOLUTION: The financial board of a corporation invested $25,000 overseas, part at 4% and part at 7% annual interest. Find the amount invested at each rate if the first year combined income f

Algebra ->  Finance -> SOLUTION: The financial board of a corporation invested $25,000 overseas, part at 4% and part at 7% annual interest. Find the amount invested at each rate if the first year combined income f      Log On


   

Question 213805This question is from textbook Elementary Algebra
: The financial board of a corporation invested $25,000 overseas, part at 4% and part at 7% annual interest. Find the amount invested at each rate if the first year combined income from the two investments was $1,300. This question is from textbook Elementary Algebra

Answer by RAY100(1637) About Me  (Show Source):
You can put this solution on YOUR website!
Let x = amount @ 4%,,,,and y= amount @ 7%
.
x + y = $ 25,000,,,,,or y= 25,000 -x
.
.04*x +.07*y = 1300
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.04(x) + .07(25,000-x) = 1300
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.04x -.07x + 1750 = 1300
.
-.03x = -450
.
x= $15,000
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y= 25,000- 15,000 = $ 10,000
.
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check,,,, .04*15000 +.07*10,000 = 600 + 700 = $ 1300,,,,ok
.