SOLUTION: marcus invested a sum of money at 5%.he invested an amount of $250 more than the first amount at 6%. if the annual income from both investments totaled $59, how much did he invest
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Question 306282: marcus invested a sum of money at 5%.he invested an amount of $250 more than the first amount at 6%. if the annual income from both investments totaled $59, how much did he invest at each rate?
if i set my problem up like this is it correct?
.05x+.06x+15=59 i got an answer of x= 400
if this is not correct could you help me set it up? Answer by Earlsdon(6294) (Show Source):
You can put this solution on YOUR website! I got exactly the same answer for x.
The initial set-up looks like this...
0.05x+(x+$250)(0.06) = $59 then...
0.05x+0.06x+$15 = $59 subtracting $15 from both sides...
0.11x = $44 Dividing by 0.11...
x = $400 and x+$250 = $650
So Marcus invested $400 at 5% and $650 at 6%
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