SOLUTION: mr parsons invested a sum of money at 6% and a 2nd sum, $500 more than the first, at 8%. if the total annual income was $180, how much did he invest at each rate?

Algebra ->  Percentages: Solvers, Trainers, Word Problems and pie charts -> SOLUTION: mr parsons invested a sum of money at 6% and a 2nd sum, $500 more than the first, at 8%. if the total annual income was $180, how much did he invest at each rate?      Log On


   

Question 429941: mr parsons invested a sum of money at 6% and a 2nd sum, $500 more than the first, at 8%. if the total annual income was $180, 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

$500 more than the first, at 8%

Let x and (x+$500) represent the amount invested at 6% and 8% respectively

Question states***

 .06x + .08(x+$500) = $180

Solving for x

      .14x = 140

         x = $1000,amount invested at 6%.    $1500 at 8% 

CHECKING our Answer***

.06*$1000 + .08*$1500 =  $60 + $120 = $180