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August 30, 2015

Homework Help: word problem

Posted by Dan on Sunday, July 17, 2005 at 7:20pm.

A person invests $7,500 part at 5% and the remainder at 4% simple interest. If the total interest at the end of the first year was $346.50, find the amount invested at 4%.


total interest=346.5=7500*.05 + x*.04

solve for x.


ooopsss, I misread the problem. The total amount invested was 7500..

total interest=346.5=(7500-x)*.05 + x*.04

solve for x.

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