SOLUTION: A total of $10,000 is ivested into two funds paying 15/2% and 9%simple interest. The combined annual income for the two funds is $849. Determine how much is invested at each rate
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Question 825906: A total of $10,000 is ivested into two funds paying 15/2% and 9%simple interest. The combined annual income for the two funds is $849. Determine how much is invested at each rate Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! A total of $10,000 is ivested into two funds paying 15/2% and 9%simple interest. The combined annual income for the two funds is $849. Determine how much is invested at each rate
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Quantity: s + n = 10,000
Interest:0.075s + 0.09n = 849
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Modify for elimination:
9s + 9n = 90000
7.5s+9n = 84900
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Subtract and solve for "s":
1.5s = 5100
s = $3400 (amount invested at 7.5%)
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n = $6600 (amount invested at 9%)
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Cheers,
Stan H.
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