Question 71968: Bob invested $19,000, part at 14% and part at 1%. If the total interest at the end of the year is $840, how much did he invest at 14%?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Bob invested $19,000, part at 14% and part at 1%. If the total interest at the end of the year is $840, how much did he invest at 14%?
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Let amt. invested at 14% be "x" ; interest on that is 0.14x dollars
Amt. invested at 1% is "19000-x"; interest on that is 0.01(19000-x)=190-0.01x dollars
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EQUATION:
interest + interest = 840 dollars
0.14x + 190-0.01x = 840
14x + 19000 -1x = 84000
13x = 65000
x=$5000 (Amt. invested at 14%)
Cheers,
Stan H.
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