Question

.

you invested $
7000
7000
between two accounts payin 
6
%
6
%
and 
8
%
8
%
annual interet, respectively. if the total interest earned for the year was $
480
,
480
,
how much was invested at each rate

Answer 1

9514 1404 393

Answer:

• $3000 at 8%
• $4000 at 6%

Explanation:

Let x represent the amount invested at 8%. Then the total interest earned is ...

0.06(7000 -x) +0.08x = 480

420 +0.02x = 480 . . . . . . . . . eliminate parentheses

0.02x = 60 . . . . . . . . . . subtract 420

x = 60/0.02 = 3000 . . . . . divide by the coefficient of x

$3000 was invested at 8%; $4000 was invested at 6%.