SOLUTION: Tori invested $8000 in money market funds. Part was invested at 5% simple interest and the rest at 7% simple interest. At the end of 1 year, Tori had earned $496 in interest. How m

Algebra ->  Percentages: Solvers, Trainers, Word Problems and pie charts -> SOLUTION: Tori invested $8000 in money market funds. Part was invested at 5% simple interest and the rest at 7% simple interest. At the end of 1 year, Tori had earned $496 in interest. How m      Log On


   

Question 234413: Tori invested $8000 in money market funds. Part was invested at 5% simple interest and the rest at 7% simple interest. At the end of 1 year, Tori had earned $496 in interest. How much did she invest in each fund?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Tori invested $8000 in money market funds. Part was invested at 5% simple interest and the rest at 7% simple interest. At the end of 1 year, Tori had earned $496 in interest. How much did she invest in each fund?
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Interest Equation:
0.05x + 0.07(8000-x) = 496
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Multiply thru by 100 to get:
5x + 7*8000 - 7x = 49600
-2x = -6400
x = $3200 (amount invested at 5%)
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8000-3200 = $4800 (amount invested at 7%)
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Cheers,
Stan H.