SOLUTION: A man invests a portion of $3,600 at 8% annual interest at balance at 7%. If he receives $264 interest during the first year, how much did he invest at each rate?
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Question 911082: A man invests a portion of $3,600 at 8% annual interest at balance at 7%. If he receives $264 interest during the first year, how much did he invest at each rate? Answer by richwmiller(17219) (Show Source):
You can put this solution on YOUR website! Total amount of money invested: $3600
x+y=3600,
Total yearly interest for the two accounts is: $264
0.08*x+0.07*y=264
x=3600-y
Substitute for x
0.08*(3600-y)+0.07*y=264
Multiply out
288-0.08*y+0.07*y=264
Combine like terms.
-0.01*y=-24
Isolate y
y=$ 2400.00 at 7%
x=3600-y
Calculate x
x=$ 1200.00 at 8%
Check
0.08*1200+0.07*2400=264
96+168=264
264=264
If this statement is TRUE and neither x nor y is negative then all is well
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