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March 26, 2017

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you invested 12000 in two accounts paying 5% and 7% annual interest. If the totak interest earned for the year was 760 how much was invested at each rate?

  • annual interest - ,

    12000*0.05=600
    12000*0.07=840
    Proportion at 5% = (840-760)/(840-600)=1/3
    Proportion at 7% = (760-600)/(840-600)= 2/3 (or 1-1/3=2/3)
    (1/3) of 12000 = 4000 at 5%
    (2/3) of 12000 = 8000 at 7%

  • annual interest - ,

    or
    amount invested at 5% --- x
    amount invested at 7% --- 1200-x

    .05x + .07(12000-x) = 760
    5x + 7(12000-x) = 76000
    -2x = -8000
    x = 4000 at 5% , then 12000-4000 or 8000 at 7%

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