SOLUTION: Amy invests a part of $12000 in bonds paying 11% interest. The remainder is in a savings account at 8%. If she receives $1200 in interest for 1 year, how much does she have investe
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-> SOLUTION: Amy invests a part of $12000 in bonds paying 11% interest. The remainder is in a savings account at 8%. If she receives $1200 in interest for 1 year, how much does she have investe
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Question 229212: Amy invests a part of $12000 in bonds paying 11% interest. The remainder is in a savings account at 8%. If she receives $1200 in interest for 1 year, how much does she have invested at each rate?
I am trying to help my son. We both do not understand how to do this. Thanks in advance for your time. Answer by ankor@dixie-net.com(22740) (Show Source):
You can put this solution on YOUR website! Amy invests a part of $12000 in bonds paying 11% interest.
The remainder is in a savings account at 8%.
If she receives $1200 in interest for 1 year, how much does she have invested at
each rate?
:
let x = amt invested at 11%
"The remainder is in a savings account at 8%." therefore:
(12000 - x) = amt invested 8%
:
Total interest from the two investments = $1200
.11x + .08(12000-x) = 1200
:
Multiply what's inside the brackets
.11x + 960 - .08x = 1200
.11x - .08x = 1200 - 960
.03x = 240
x =
x = $8000 invested at 11%
then
12000 - 8000 = $4000 invested at 8%
;
:
Prove this to yourself, find the total interest
.11(8000) + .08(4000)
880 + 320 = 1200
