Question 64557
Hiriko invested $11,700,part at 5% interest and the balance at 7% interest.If her annaul earnings from both investments is $733,how much is invested at each rate?
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Let amount invested at 5% be "x"; interest on this is 0.05x dollars
Amount invested at 7% is "11700-x"; interest on this is 0.07(11700-x)
=819-0.07x dollars
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EQUATION:
interest + interest = 733 dollars
0.05x+819-0.07x=733
-0.02x=-86
x=$4300 (amount invested at 5%)
11700-4300=$7400 (amount invested at 7%)
Cheers,
Stan H.