SOLUTION: Nancy has some money invested at 5% and $5000 more than this amount invested at 9%. Her total annual interest income is $1430. Find the amount invested at each rate.

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Nancy has some money invested at 5% and $5000 more than this amount invested at 9%. Her total annual interest income is $1430. Find the amount invested at each rate.      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 703156:
Nancy has some money invested at 5% and $5000 more than this amount invested at 9%. Her total annual interest income is $1430. Find the amount invested at each rate.
Answer by checkley79(3341) About Me  (Show Source):
You can put this solution on YOUR website!
.05X+.09(5000+X)=1430
.05X+450+.09X=1430
.14X=1430-450
.14X=980
X=980/.14
X=$7000 AMOUNT INVESTED @ 5%
7000+5000=$12000 AMOUNT INVESTED @ 9%.
PROOF:
.05*7000+.09*12000=1430
350+1080=1430
1430=1430