Question 417580: A self-employed contractor nearing retirement made two investments totaling $15,000. In one year, these investments yielded $1023 in simple interest. Part of the money was invested at 6% and the rest at 7.5%. How much was invested at each rate?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! A self-employed contractor nearing retirement made two investments totaling $15,000. In one year, these investments yielded $1023 in simple interest. Part of the money was invested at 6% and the rest at 7.5%. How much was invested at each rate?
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Equations:
Quantity: x + y = 15000
Interest0.06x + 0.075y = 1023
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Multiply thru 1st by 6
Multiply thru 2nd by 1000
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6x + 6y = 6*15000
6x + 75y = 1023000
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Subtract and solve for "y":
69y = 933000
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y = $13,521.74 (amt. invested at 7.5%
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Solve for "x":
15000 - y = $1,478.27 (amt. invested at 6%
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Cheers,
Stan H.
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