Question 764342: two in investments are made totaling 11,000. for a certain year, these investments yeild 1,010 in simple interest. part of the 11,000 is invested at 7% and part at 10%. find the amount invested at each rate.
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! two investments are made totaling 11,000. for a certain year, these investments yield 1,010 in simple interest. part of the 11,000 is invested at 7% and part at 10%. find the amount invested at each rate.
-------
Equations:
s + t = 11000
7s+10t = 101,000
------
Modify:
7s + 7t = 77000
7s + 10t= 101,000
-----
Subtract and solve for "t":
3t = 24000
---
t = $8000 (amt. invested at 10%
-----
Solve for "s"
s = 11000-8000 = $3000 (amt. invested at 7%)
---------------
Cheers,
Stan H.
|
|
|
