SOLUTION: A student invests part of $10,000 at 6% annual interest and the rest at 5%. If the annual income from these investments is $560, how much was invested at each rate?

Algebra ->  Percentage-and-ratio-word-problems -> SOLUTION: A student invests part of $10,000 at 6% annual interest and the rest at 5%. If the annual income from these investments is $560, how much was invested at each rate?      Log On


   

Question 268473: A student invests part of $10,000 at 6% annual interest and the rest at 5%. If the annual income from these investments is $560, how much was invested at each rate?
Answer by checkley77(12844) About Me  (Show Source):
You can put this solution on YOUR website!
.06x+.05(10,000-x)=560
.06x+500-.05x=560
.01x=560-500
.01x=60
x=60/.01
x=6,000 amount invested @ 6%
10,000-6,000=4,000 amount invested @ 5%
Proof:
.06*6,000+.05*4,000=560
360+200=560
560=560