SOLUTION: word problem. please use a table and the 5 step method to solve this problem. thank you. marcus invested a sum of money at 5%. he invested an amount of money $250 more than the

Algebra ->  Polynomials-and-rational-expressions -> SOLUTION: word problem. please use a table and the 5 step method to solve this problem. thank you. marcus invested a sum of money at 5%. he invested an amount of money $250 more than the       Log On


   



Question 389727: word problem. please use a table and the 5 step method to solve this problem. thank you.
marcus invested a sum of money at 5%. he invested an amount of money $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.

Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!

Hi,
Let x represent the first amount invested at 5%
Therefore, (x+ $250) would be the amount invested at 6%
question States***
.05x + .06(x + $250) = $59
solving for x
.05x + .06x + .06*$250 = %59
.11x = $59 - .06*$250
.11x = $59 - $15
.11x = $44
x = $44/.11 = $400, amount invested at 5%
the amount invested at 6% would be $650 ($400+ $250)
IV. CHECKING Our Answer***
.05*$400 + .06*$650 = $20 + $39 = $59