The Kings invest $12,000 in two money market funds. The 1st fund paid 5% interest per year and the second paid 6% interest per year. If they eearned a total of $670 in one year, how much was invested at each rate?
2007-02-09 11:36:59 · 11 answers · asked by SadToday22 3 in Education & Reference ➔ Homework Help
I = interest
p = principle
r = rate
x or y= principle of 12000 in each account
because I=PRT
**[t is irrelevent in this equation because it's time in years and since it's 1 year, there's no need to muliply everything by 1]**
I(670)=.05x + .06y
x+y=12000
x=12000-y
670=.05(12000-y) + .06y
670=600-.05y+.06y
70=.01y
7000 = y
670=.05x + .06(7000)
670=.05x+420
250=.05x
5000=x
5% = 5000
6% = 7000
hope that makes sense!
2007-02-09 12:08:05 · answer #1 · answered by Tiff 5 · 1⤊ 0⤋
THe king invested $7000 at 6% n $5000 at 5%
$7000*6%= $420
$5000*5%= $250
2007-02-09 11:46:33 · answer #2 · answered by BlackIce Mikel 3 · 0⤊ 0⤋
7000 at 6% and 5000 at 5%
7000 x .06 = 420
5000 x .05 = 250
420 + 250 = 670
2007-02-09 11:42:44 · answer #3 · answered by annie41378 5 · 0⤊ 0⤋
$786
2007-02-09 11:44:47 · answer #4 · answered by v-girl 1 · 0⤊ 0⤋
1st fund = $ 5,000.00004
2nd fund = $ 6,999.99996
2007-02-09 12:24:40 · answer #5 · answered by robertonereo 4 · 0⤊ 0⤋
769 dollars
2007-02-09 11:39:40 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I think you're just trying to get an answer for your homework. Do it yourself.
2007-02-09 11:39:51 · answer #7 · answered by ArmyChica87 2 · 1⤊ 1⤋
easy....figure it out yourself
2007-02-09 11:39:40 · answer #8 · answered by (_)iiiiD 4 · 1⤊ 1⤋
do it yourself!
2007-02-10 07:03:35 · answer #9 · answered by lallallala 3 · 0⤊ 0⤋
125.00
2007-02-09 11:43:23 · answer #10 · answered by A. RMZ 4 · 0⤊ 1⤋