Question 70297
A total of $9000 is invested in two funds paying 5% and 6% annual interest. The combined interst is $510. How much of the $9000 is invested in each fund?
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Let amt. invested at 5% be "x" ; Interest on this is 0.05x
Amt. invested at 6% is "9000-x" ; Intereston this in 0.06(9000-x)= 540-0.06x
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EQUATION:
interest + interest = 510
0.05x+540-0.06x = 510
-0.01x = -30
x=$3000 (amt. invested at 5%)
9000-3000=$6000 (amt. invested at 6%)
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Cheers,
Stan H.