Question 220818: A college student earned $3600 during summer vacation working as a waiter in a popular restaurant. The student invested part of the money at 8% and the rest at 7%. If the student recieved a total of $479 in interest at the end of the year, how much was invested in each account? (Give two answers).
Answer by RAY100(1637)   (Show Source):
You can put this solution on YOUR website! Let x= amt invested at 8%,,,and y=amt invested at 7%
.
.08x +.07y = $ 479
.
but,,,x+y = $ 3600,,,,or y= 3600-x,,,,,,subst
.
.08x +.07(3600-x) = 479
.
.08x + 252 -.07x = 479
.
.01x = 227
.
x= $22,700,,,,,,y = 3600-22,700 = -19,100
.
check.,,,,,.08(22700) +.07(-19100) = 479
.
1816 - 1337 = 479,,ok,,,,,math wise
.
.
REVIEW,,his return was 479 /3600 = 13.3% annually
.
He could not make this return with only 7% and 8% rates
.
AND,,,,he only had 6 months to accomplish the return not one year
.
therefore the rate would have to be more like 26.6%
.
|
|
|
