Question 40396: Benjamin has $6000 invested in two accounts. One earns *5 interest per year, and the other pays 7.5% interest per year. If his total interest for the year is $472.50, how much is invested at 8%?
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Thank u soo much i need someone to show me how to do investment problems.
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Benjamin has $6000 invested in two accounts. One earns *5 interest per year, and the other pays 7.5% interest per year. If his total interest for the year is $472.50, how much is invested at 8%?
Let amount invested at 7.5% be "x" dollars.
Then amount invested at 8% is "6000-x" dollars.
Interest on the 1st investment is 0.075x dollars
Interest on the 2nd investment is 0.08(6000-x)=480-0.08x dollars
EQUATION:
interest + interest = 472.50 dollars
0.075x + 480-0.08x = 472.50
Multiply through by 1000 to get:
75x + 480,000 -80x = 472500
-5x = -7500
x=$1500 (amount invested at 7.5%)
6000-x-$4500 (amount invested at 8%)
Cheers,
Stan H.
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