SOLUTION: Cliff had a total of $100,000 to invest. He put some of the money in Bank A that paid 4% interest and the rest in Bank B which paid 5% interest. After a year, the amount of interes
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Question 529293: Cliff had a total of $100,000 to invest. He put some of the money in Bank A that paid 4% interest and the rest in Bank B which paid 5% interest. After a year, the amount of interest he earned was $4850. How much money did Cliff invest in Bank A? Also provide a step by step procedure on how to get the answer. Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website! Let = amount invested @ 4%
Let = amount invested @ 5%
given:
(1)
(2)
--------------------
(2)
Multiply both sides of (1) by
and subtract (1) from (2)
(2)
(1)
and, since
(1)
(1)
(1)
Cliff invested $15,000 in bank A
check answer:
(2)
(2)
(2)
(2)
OK
