SOLUTION: Matt received an inheritance of $60,000. He invested part of the money at 8% and the rest at 11%. He made a total of $5700 in interest in one year. How much was invested at 8%?
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Question 504045: Matt received an inheritance of $60,000. He invested part of the money at 8% and the rest at 11%. He made a total of $5700 in interest in one year. How much was invested at 8%? Answer by oberobic(2304) (Show Source):
You can put this solution on YOUR website! x = portion invested at 8%
60000-x = portion invested at 11%
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.08x + .11(60000-x) = 5700
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multiply by 100 to remove the decimals
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8x + 11(60000-x) = 570000
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8x + 660000 -11x = 570000
-3x = -90000
x = 30000
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He invest $30,000 at 8%.
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Always check your work.
8% at $30000 = $2400
11% at ($60000-$30000) = 11%($30000) = $3300
$2400+$3300 = $5700
Correct.
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Answer: He invest $30,000 at 8%.
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Done.
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