Question 80036
Mr.Harvey invested a sum of money at 4%.He invested a second sum at 3%.If the annual income from the first investment is equal to the annual income from the second investment,and if the investments total $7000,how much did he invest at each rate?
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Let "x" be amt invested at 4%; Interest on this is 0.04x dollars
Then "7000-x" is amt invested at 3%; Interest on this is 0.03(7000-x)
= 210-0.03x dollars
EQUATION:
1st interest = 2nd interest
0.04x=210-0.03x
0.07x=210
x=3000 (amount invested at 4%)
7000-x=4000 (amount invested at 3%)
Cheers,
Stan H.