Anita wishes to invest a total of $24000 in two money market funds.One earns 8% interest.The other one currently earns 11% interest.If the total interest that Anita receives is $2055,how much is invested in each oney market fund?
2007-02-19 03:19:40 · 9 answers · asked by Rigaud J 1 in Science & Mathematics ➔ Mathematics
A + B = 24000
B = 24000 - A ----(1)
0.08A + 0.11B = 2055 ------(2)
sub (1) into (2),
0.08A + 2640 - 0.11A = 2055
0.03A = 585
A = 19500
sub into (1),
B = 24000 - 19500
= 4500
Ans: $19500 for 8% nd $4500 for 11%
2007-02-19 03:32:24 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The tough part of this problem is realizing there's only one variable, namely x.
If x=the amount she invests at 11%, what is the amount she invests at 8%? It must be what's left over from the original amount, $24,000.
Then add the two expressions together which must equal $2,055.
Then solve for x. That's the amount she invests at 11% and the remainder is what she invests at 8%.
If you can solve these types of problems, you have a future in banking.
2007-02-19 11:36:14 · answer #2 · answered by cjones1303 4 · 0⤊ 0⤋
a amt at 8%
b amt at 11%
a + b =24000 sum of investments
.08a +.11b = 2055 interest from those
solve any way you know : substitution, mult one eq by factor and add, by determinants.
2007-02-19 11:35:25 · answer #3 · answered by rwbblb46 4 · 0⤊ 0⤋
Let the amount invested in the first fund = a and in the second fund = b
a + b = 24000 .......................... Equation (1)
0.08 * a + 0.11 * b = 2055 ............Equation (2)
Solve as simultaneous equations
2007-02-19 11:39:15 · answer #4 · answered by lunchtime_browser 7 · 0⤊ 0⤋
The question is incomplete. to solve a question like this you must know the length of time the money is invested before you can calculate the interest earned.
2007-02-19 13:02:32 · answer #5 · answered by bignose68 4 · 0⤊ 0⤋
$19,500 at 8%
$495 at 11%
x + y = 24000
.08x + .11y = 2055
Using Simultaneous equations, you solve those two equations to get the amount of money.
2007-02-19 11:31:27 · answer #6 · answered by Anonymous · 0⤊ 0⤋
x+y = 24000
.11x +.08y = 2055
Solve by elimination
I got $4500 at 11% and 19500 at 8%, If you need me to help you with the elimination, please visit http://www.mathassignment.com
2007-02-19 11:30:42 · answer #7 · answered by leo 6 · 0⤊ 0⤋
Do you have anita's number?I wanna take her out ;)
2007-02-19 11:27:32 · answer #8 · answered by Anonymous · 0⤊ 0⤋
one is $19500 and another is $4500......
2007-02-19 11:35:07 · answer #9 · answered by @"..n"..i"..L 2 · 0⤊ 0⤋