Math word problem?

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a total of $11,000 is invested in two funds paying 7% and 8% simple interest. If the yearly interest for both funds totals $865, determine the amount invested at 8%

How do i solve this?

2007-03-06 19:14:25 · 2 answers · asked by pretty shy 3 in Education & Reference ➔ Homework Help

2 answers

Let the amount invested in 8% be denoted by X. Then the amount invested in the other is 11000-X. The interest you get from both is 0.08*X + 0.07*(11000-X), and it is equal to 865. Solve this equation and you get X=9500.

2007-03-06 19:25:54 · answer #1 · answered by Rumtscho 3 · 0⤊ 0⤋

where is the formula u are supposed to use?

2007-03-07 03:25:23 · answer #2 · answered by cj872006 5 · 0⤊ 0⤋