Question 565566: This really confuses me since it showed be put in the formula I=prt. If this was explained that would help! Thanks.
Madison invested $50,000 for two years. A part of this investment had 10% annual interest and the rest was invested at 15% annual interest. The interest from the investment at 10% was $350 more than the interest from the investment at 15%. How much did she invest at 10%? How much did she invest at 15%?
Answer by lwsshak3(11628)   (Show Source):
You can put this solution on YOUR website! Madison invested $50,000 for two years. A part of this investment had 10% annual interest and the rest was invested at 15% annual interest. The interest from the investment at 10% was $350 more than the interest from the investment at 15%. How much did she invest at 10%? How much did she invest at 15%?
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I=prt, p=initial investment, r=annual rate of interest, and I=amt after t years
..
let x=$ amt invested at 10%
50000-x=$ amt invested at 15%
..
At 10%
I=(10%*2)x=.2x
At 15%
I=(15%*2)(50000-x)=(15000-.3x)
Since the 10% investment made $350 more than the 15% investment,
.2x-(15000-.3x)=350
.2x-15000+.3x=350
.5x=15350
x=30700
50000-x=19300
ans:
amt invested at 10%=$30,700
amt invested at 15%=$19,300
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