SOLUTION: Bob has some money invested at 5%, and $5,000 more than this amount invested at 9%. His annual interest income is $1430. What is the amount invested at each rate.
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Question 269447: Bob has some money invested at 5%, and $5,000 more than this amount invested at 9%. His annual interest income is $1430. What is the amount invested at each rate. Answer by drk(1908) (Show Source):
You can put this solution on YOUR website! Let Bob have x dollars to invest. we want the equation
I = prt + prt
for two investments.
From above we get
(i)
step 1 - multiply and simplify the right side to get
(ii)
and then
(iii)
step 2 - subtract 450 to get
(iv)
step 3 - divide by .14 to get
(v)
and then
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7000 @ 5%
12000 @ 9%
(