SOLUTION: Tori invested $8000 in money market funds. Part was invested at 5% simple interest and the rest was invested at 7% simple interest. At the end of 1 year, Tori had earned $496 in in
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Question 712604: Tori invested $8000 in money market funds. Part was invested at 5% simple interest and the rest was invested at 7% simple interest. At the end of 1 year, Tori had earned $496 in interest. How much did she invest in each fund? Answer by Menjax(62) (Show Source):
You can put this solution on YOUR website! x=funds in company a
y=funds in company b
x+y=8000 (equation 1)
x+(5x/100)+y+(7y/100)=8496
105x+107y=849600 (equation 2)
sub 1 into 2
105(8000-y)+107y=849600
840000-105y+107y=849600
2y=9600
--->y=4800
sub y into 1
x+4800=8000
--->x=3200
:)
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