SOLUTION: To Whomever can assist... Thanks!
Nina received an inheritance of $12,000 from her grandmother. She invested part of it at 6% interest and the remainder at 8%. If the total ye
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Nina received an inheritance of $12,000 from her grandmother. She invested part of it at 6% interest and the remainder at 8%. If the total ye
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Question 57583This question is from textbook Elementary and Intermediate Algebra
: To Whomever can assist... Thanks!
Nina received an inheritance of $12,000 from her grandmother. She invested part of it at 6% interest and the remainder at 8%. If the total yearly interest from both investments was $860, how much did she invest at each rate? This question is from textbook Elementary and Intermediate Algebra
You can put this solution on YOUR website! we can solve this question by setting up a linear equation,
let x be investment 1
let y be investment 2
because both investments x and y add up to 12000 we can state
x+y=12000
because the interest on x is 6% and y is 8% and the total interest earned is 860 we can state
0.06X+0.08Y=860...we have to convert the percent to a decimal
so these are your 2 equations.
x+y=12000
0.06X+0.08Y=860
to solve for y we must multiply the top equation by .06
.06X+.06Y=720
subtract the bottom equation from the top equation to leave y in a single equation.
.06X+.06Y=720
-
0.06X+0.08Y=860
so
-.02Y=-140
multiply by -1 to make them positive numbers
.02Y=140
now divide by .02 to each sides to isolate y
y=7000
solve for x by placing y into the first equation
x+7000=12000
subtract 7000
x=5000.
so nina invested $5000 at 6% interest and 7000 at 8% interest
