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

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 was invested at 7% simple interest. At the end of 1 year. Tori had earned $496 in i      Log On


   

Question 266458: Tori invested $8000 in money market funds. Part was invested at 5% simple interest, and the rest was invested at 7% simple interest. At the end of 1 year. Tori had earned $496 in interest. How much did she invest in each fund?
Found 2 solutions by mananth, JBarnum:
Answer by mananth(16946) About Me  (Show Source):
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Tori invested $8000 in money market funds. Part was invested at 5% simple interest, and the rest was invested at 7% simple interest. At the end of 1 year. Tori had earned $496 in interest. How much did she invest in each fund?
Let the amount invested in 5% funds be x
Then 8000-x will be invested in 7% funds
5% ------------------------- 7%--------------------- interest
x-------------------------8000-x----------------------496
.05x+.07(8000-x)=496
0.05x+560-0.07x = 496
-0.02x=-560+496
-0.02x= -64
x= -64/-0.02
x=3200
He invests $3200 in 5% funds and and $4800 in 7% funds

Answer by JBarnum(2146) About Me  (Show Source):
You can put this solution on YOUR website!
A+B=8000
.05A+.07B=496
A=8000-B
%28.05%29%288000-B%29%2B.07B=496
400-.05B%2B.07B=496
400%2B.02B=496
400%2B.02B-400=496-400
.02B=96
B=96%2F.02
B=4800investment at 7%
________________
A=8000-B
A=8000-4800
A=3200investment at 5%
_________________
Check
.05A%2B.07B=496
.05%283200%29%2B.07%284800%29=496
160%2B336=496
496=496
correct