Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
How much was invested at each rate?
You invested $8000 in 2 funds paying 4% and 7% annual interest, respectively At the end of the year, the total interest from these investments was $554. How much was invested at each rate?
1 Answer
- anonymousLv 79 years agoFavorite Answer
Let x = amount invested at 4% , or in decimal terms 0.04
Then (8000 - x) = amount invested at 7% , in decimal terms 0.07
Using the interest earned information, we have the equation
(0.04)x + (0.07)(8000 - x) = 554
0.04x + 560 - 0.07x = 554 . . . . . . . . . . [ multiplied out second terms on left-side ]
- 0.03x + 560 = 554 . . . . . . . . . . . . . . .[ simplified the x terms on left-side ]
- 0.03x = - 6 . . . . . . . . . . . . . . . . . . . . [ subtracted 560 from both sides ]
x = ( - 6 / - 0.03 ) . . . . . . . . . . . . . . . . .[ divided both sides by - 0.03 ]
x = 200
-----------------
$ 200 was invested at 4%
and
($ 8,000 - $ 200) = $ 7,800 was invested at 7%.
-----------------
Check:
One year of interest on $ 200 @ 4% = ($ 200 x 0.04) = $ 8
One year of interest on $ 7,800 @ 7% = ($ 7,800 x 0.07) = $ 546
Total interest = ($ 8 + $ 546) = $ 554