Question 705779: Last year, Jodi invested 10,000, part at .06 annual interest and the rest .08 annual interest. If she received $760 in interest at the end of the year, how much did she invest at each rate?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Last year, Jodi invested 10,000, part at .06 annual interest and the rest .08 annual interest. If she received $760 in interest at the end of the year, how much did she invest at each rate?
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Equations:
Quantity Equation: x + y = 10,000
Interest Equation:6x + 8y = 76000
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Modify:
6x + 6y = 6*10,000
6x + 8y = 76000
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Subtract to solve for "y":
2y = 16000
y = $8000 (amt. invested at 8%)
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x = $2000 (amt. invested at 6%
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Cheers,
Stan H.
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