SOLUTION: An investor invests some money that pays 5% simple interest. He invests $1200 less than that amount at 4% simple interest. Find the amount invested at 4% if the total annual inco
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: An investor invests some money that pays 5% simple interest. He invests $1200 less than that amount at 4% simple interest. Find the amount invested at 4% if the total annual inco
Log On
Question 608964: An investor invests some money that pays 5% simple interest. He invests $1200 less than that amount at 4% simple interest. Find the amount invested at 4% if the total annual income is $267.
The answer is $2300.
How do I arrive at this answer?
Thank you! Answer by flame8855(424) (Show Source):
You can put this solution on YOUR website! let x be the value at 5 %
let x-1200 be the value at 4%
0.04(x-1200) + 0.05(x) = 267
0.09x = 315
x = 3500
x-1200 = 3500-1200
= 2300
