Question 56176: Lane invested $22,000, part at 8% and part at 7%. If the total interest at the end of the year is $1,710, how much did she invest at 8%? I appreciate the help
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Lane invested $22,000, part at 8% and part at 7%. If the total interest at the end of the year is $1,710, how much did she invest at 8%? I appreciate the help
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Let amount invested at 8% be "x":
Interest on this money is 0.08x dollars
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Amount invested at 7% is "22,000-x":
Interest on this mone is 0.07(22,000-x)=(1540-0.07x) dollars
EQUATION:
interest + interest = 1710 dollars
0.08x+1540-0.07x=1710
0.01x=170
x=$17,000 (amount invested at 8%)
22000-x=$5000 (amount invested at 7%)
Cheers,
Stan H.
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