can someone explain to me how to do this problem? its on my homework and im gonna be tested on it tomorrow. HELP!
A financial consultant invests $6000 at a certain rate and $8000 at a rate that is 1% less than twice the rate at $6000. If the total income from both investments is $1240.00, find the rate of each investment.
2007-04-04 15:38:08 · 7 answers · asked by Cindy 1 in Science & Mathematics ➔ Mathematics
I assume that the income from an investment equals the invest money times investment rate.
let n be the invest rate at $6000 (n<1), the invest rate at $8000 will be (2n - 0.01). Then we will have:
6000 x n + 8000 x (2n - 0.01) = 1240.
Solve for n, n = 0.0527 or the investment rate is 5.27%
2007-04-04 15:48:20 · answer #1 · answered by sk8erboinhl 2 · 0⤊ 0⤋
the 6000 is invested at 6% and the 8000 at 11%. if you invested 6000 at 6% it will earn 360. 6+6-1=11, so 8000 invested at 11% will earn 880. 360+880=1240
2007-04-04 22:53:56 · answer #2 · answered by heather p 1 · 1⤊ 0⤋
Set up the problem. Leave out the $ and convert all % 0.00 X form.
6000*X + 8000*(2X-0.01) = 1240
6000X + 16000X - 80 = 1240
22000X = 1240 + 80 (which is equal to 1320)
X = 1320/22,000 (which is equal to 0.06 or 6%)
6000*0.06 + 8000*0.11 = 1240 (since 1% = 0.01)
360 + 880 = 1240
The first investment was 6% (0.06) and the second was 11%
2007-04-04 23:55:46 · answer #3 · answered by Amphibolite 7 · 1⤊ 0⤋
It is algebra
6000 X 6 percent = $ 360
8000 X 11 percent = $880
---------
$ 1240
Hence the percentage of 6 X 2 - 1 = 11
2007-04-04 23:08:56 · answer #4 · answered by Tom M 6 · 0⤊ 0⤋
man, I wish I could that kind of return on my investments.
Y ou just have to know how to set up
the system. what the problem says is
Ax + By = income
where A, B are the invested amounts
x,y are the rates.
let
A=6000
B=8000
we are told how to relate x and y
y=2x-.01
income = 1240.00
6000x + 8000(2x-.01)=1240
solve for x
6000x+16000x-80=1240
22000x=2320
x=.105454545 =10.55%
use that value to solve for y
relax during your test and just realize
you have to read the question
to decide what it is asking for
investments are based on $ * rate = income
you will do fine, just keep breathing
x=10.55%, y=20.1%
2007-04-04 22:57:18 · answer #5 · answered by molawby 3 · 0⤊ 1⤋
Why don't you read the problem over and over again and each time you will understand a bit more. Always works for me!
2007-04-04 22:44:11 · answer #6 · answered by ~***Jenny_Fabulous***~ 2 · 0⤊ 0⤋
first you should write out what you know... I have NO IDEA, I tried to figure it out but I was completely wrong... sorry I tried :oS
2007-04-04 22:49:42 · answer #7 · answered by Christina 4 · 0⤊ 0⤋