SOLUTION: $5900 is invested,part of it at 10% and part of it at 8%. For a certain year, the total yield is $534.00. How much was invested at each rate?
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Question 927328: $5900 is invested,part of it at 10% and part of it at 8%. For a certain year, the total yield is $534.00. How much was invested at each rate? Answer by srinivas.g(540) (Show Source):
You can put this solution on YOUR website! Let x be the amount invested @ 10 % per year
Let y be the amount invested @ 8 % per year
x+y= $ 5900.......................eq(1)
interest on amount x = 10 % of X
=
{{0.1x}}}
Interest on amount y = 8 % of y
=
=
Total interest for whole amount = $ 534
hence
0.1x x+0.08 y =534.............eq(2)
Solve: We'll use substitution. After moving 1*y to the right, we get: , or . Substitute that
into another equation: and simplify: So, we know that y=2800. Since , x=3100.
