SOLUTION: James invested some money at 6% interest. James also invested $209 more than 3 times that amount at 12%. How much is invested at each rate if James receives $1030.98 in interest af

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: James invested some money at 6% interest. James also invested $209 more than 3 times that amount at 12%. How much is invested at each rate if James receives $1030.98 in interest af      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 999173: James invested some money at 6% interest. James also invested $209 more than 3 times that amount at 12%. How much is invested at each rate if James receives $1030.98 in interest after one year?
Answer by mananth(16946) About Me  (Show Source):
You can put this solution on YOUR website!
James invested some money at 6% interest. James also invested $209 more than 3 times that amount at 12%. How much is invested at each rate if James receives $1030.98 in interest after one year?
James invested x at 6% interest.
James also invested 3x+$209 at 12%.
Interest = 1030.98
6%x + 12%(3x+209) = 1030.98
multiply by 100
6x +12(3x+209) = 103098
6x+36x+2508 = 103098
42x = 100590
x=2395
James invested %2395 at 6% interest.
plug x in 3x+209
James also invested $7394 at 12%.