SOLUTION: Nancy invested a sum of money at 6%. She invested a second sum, $500 more than the first at 8%. The total interest earned for the year was $180. HOW MUCH DID NANCY INVEST AT EACH R
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Question 957696: Nancy invested a sum of money at 6%. She invested a second sum, $500 more than the first at 8%. The total interest earned for the year was $180. HOW MUCH DID NANCY INVEST AT EACH RATE? Answer by macston(5194) (Show Source):
You can put this solution on YOUR website! S=amount at 6%; E=amount at 8%=S+$500
0.06S+0.08E=$180 Substitute for E
0.06S+0.08(S+$500)=$180
0.06S+0.08S+$40=$180 Subtract $40 from each side.
0.14S=$140 Divide each side by 0.14
S=1000 ANSWER 1: The amount invested at 6% was $1000.
E=S+$500=$1000+$500=$1500 ANSWER 2: The amount invested at 8% was $1500.
CHECK:
0.06S+0.08E=$180
0.06($1000)+0.08($1500)=$180
$60+$120=$180
$180=$180
