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 ->  Percentage-and-ratio-word-problems -> 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 328820: 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?
Answer by checkley77(12844) About Me  (Show Source):
You can put this solution on YOUR website!
.07x+.05(8,000-x)=496
.07x+400-.05x=496
.02x=496-400
.02x=96
x=96/.02
x=4,800 amount invested @ 7%.
8,000-4,800=3,200 amount invested @ 5%.
Proof:
.07*4,800+.05*3,200=496
336+160=496
496=496