SOLUTION: if i have $15,000 to invest for one year, some at 8% and the est at 7%. if i want to earn $1,100 from these investments, how much should i invest at each rate?
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Question 981770: if i have $15,000 to invest for one year, some at 8% and the est at 7%. if i want to earn $1,100 from these investments, how much should i invest at each rate? Answer by macston(5194) (Show Source):
You can put this solution on YOUR website! .
S=amount at 7%; E=amount at 8%
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S+E=$15000
S=$15000-E Use this to substitute for S below.
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0.07S+0.08E=$1100 Substitute for S from above.
0.07($15000-E)+0.08E=$1100
$1050-0.07E+0.08E=$1100
0.01E=$50
E=$5000 ANSWER 1: You should invest $5000 in the 8% account.
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S=$15000-E=$15000-$5000=$10000 ANSWER 2: You should invest $10000 in the 7% account.
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CHECK:
0.07S+0.08E=$1100
0.07($10000)+0.08($5000)=$1100
$700+$400=$1100
$1100=$1100
