The problem is:
A part of $5,000 was invested at 7% annual interest and the remaining at 8% annual interest. At the end of the year, the total amount received was $5398. How much money was invested at each rate?
....I know the procedure on how to do this problem, but i just need someone to validate me with my answer. Here is my work:
*Amount invested at 7% = X
*Amount invested at 8% = (5,000-X)
So, Investment= Rate X Amount = Interest
*7% investment= 0.07 rate (X) = 0.07
*% investment = 0.08 rate (5,000-X) = 0.08(5,000-X)
*Total investment = 0.07(X) + 0.08(5,000-X) = 5,398
So,: 0.07x + 400 - 0.08x = 5,398
(0.07-0.08)x = 5,398-400
(-0.01x/-0.01) = (4,998/-0.01)
(x = -498,800 @ 7%)
.....Is my answer correct? If not, would you please be so kind to tell me where my mistake is?
2007-09-15
14:21:01
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3 answers
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asked by
dana c
1
in
Mathematics