SOLUTION: Mr. Horn invested half of his money at 5%, one-third of his money at 4%, and the rest of his money at 3.5%. If his total annual investment income was $530.00, how much had he inves
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Question 406128: Mr. Horn invested half of his money at 5%, one-third of his money at 4%, and the rest of his money at 3.5%. If his total annual investment income was $530.00, how much had he invested? Answer by ankor@dixie-net.com(22740) (Show Source):
You can put this solution on YOUR website! Mr. Horn invested half of his money at 5%, one-third of his money at 4%, and the rest of his money at 3.5%.
If his total annual investment income was $530.00, how much had he invested?
:
Let x = total amt invested
:
Find out what fraction, "the rest" is: - - =
:
The equation:
.05(x) + .04(x) + .035(x) = 530
multiply by 6 to get rid of the denominators; results:
.05(3x) + .04(2x) + .035x = 6(530)
.15x + .08x + .035x = 3180
.265x = 3180
x =
x = $12,000 invested
.
:
I'll let you confirm this solution by replacing x with 12000 in the original equation
