Larry has an annual return of $213 from $3000 invested at simple interest, some at 5% and the rest at 8$. How much is invested at each rate? (Hint: Interest earned = Amount invested x Rate of interest.)
2007-09-12 14:41:57 · 3 answers · asked by Jenny 3 in Science & Mathematics ➔ Mathematics
If all at 8% = 240
If all at 5% = 150
Mystery mix = 213
Formula : (hi - mix) / (hi - lo) times principal = low % invested
(240 - 213) / (240 - 150) (3000) = amout at 5%
27 / 90 = 3/10
3/10(3000) = 900 invested at 5%
So 2100 is invested at 8%
To check the answer :
900(0.05) + 2100(0.08) = 213
45 + 168 = 213
2007-09-12 14:56:54 · answer #1 · answered by Don E Knows 6 · 0⤊ 0⤋
$77.25 ?? I positioned $2000 into 2 money owed making it $4000 finished. through fact the difficulty didnt say $4000 each and each. My 2d answer (if the two money owed surely have been $4000 each and each) is $107.25. What i spotted grew to become into you have one greater 0 on your 3%. 3% is 3/a hundred. 0.003 is 3/1000. Your 3 is interior the thousandths place. That`s incorrect. so which you will desire to alter it to 0.03 then artwork out your concern. I stronger $2000(for the 1st concern) and $4000 (2d) added ninety 4.50 to product and divided by ability of two.
2016-11-10 07:06:48 · answer #2 · answered by venturino 4 · 0⤊ 0⤋
x + y = 3000
x*.05 + y*.08 = 213
5x + 8y = 21,300
but
5x + 5y = 15,000
so 3y = 6,300
y = 2,100
x = 900
900 at 5% and 2,100 at 8%
2007-09-12 14:58:40 · answer #3 · answered by Beardo 7 · 0⤊ 0⤋