Question 457205: Interest question, please help
$5400 is invested, part of it at 10% and part of it at 7%. For a certain year the total yield is $468. How much was invested at each rate? Thanks for your help.
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Interest question, please help
$5400 is invested, part of it at 10% and part of it at 7%. For a certain year the total yield is $468. How much was invested at each rate?
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Quantity Equation: x + y = 5400 dollars
Interest Equation:0.10x + 0.07y = 469 dollars
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Multiply thru 1st by 10
Multiply thru 2nd by 100
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10x + 10y = 54000
10x + 7y = 46900
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Subtract and solve for "y":
3y = 7100
y = $2366.67 (amt. invested at 7%)
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Solve for "x":
x+ y = 5400
x = 5400-2366.67
x = $2633.33 (amt. invested at 10%)
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Cheers,
Stan H.
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