algebra

A total of $12,000 is invested in two funds paying 9% and 11% simple interest. If the yearly interest is $1,180, how much of the $12,000 is invested at each rate?
We have two unknowns: the amount of money invested at 9% and the amount of money invested at 11%.

Sentence (1) ''A total of $12,000 is invested in two funds paying 9% and 11% simple interest.'' can be restated as (The amount of money invested at 9%) (The amount of money invested at 11%) $12,000.

Sentence (2) ''If the yearly interest is $1,180, how much of the $12,000 is invested at each rate?'' can be restated as (The amount of money invested at 9%) 9% + (The amount of money invested at 11% 11%) total interest of $1,180.
In shortcut form: (1) x+y=$12000 (2) .09x+.11y=$1180

Principal of P dollars = P dollars* Rate in decimal * time in years
Can you show me how you get interest 0.09x on aPrincipal of x dollars?

  1. 👍
  2. 👎
  3. 👁
  1. from your first equation
    x + y = 12000 ---> y = 12000 - x

    sub that into the other equation:
    .09x + .11y = 1180
    .09x+ .11(12000-x) = 1180
    .09x+ 1320 - .11x = 1180
    -.02x = -140
    x = 7000
    then y = 12000 - 7000 = 5000

    $7000 was invested at 9%, and $5000 was invested at 11%

    check:
    .09(7000) + .11(5000)
    = 630 + 550 = 1180

    1. 👍
    2. 👎
  2. Suppose that $2000 is invested at a rate of 3.3% ,total amount after 3 years.

    1. 👍
    2. 👎

Respond to this Question

First Name

Your Response

Similar Questions

  1. math

    you invested $8000 between two accounts paying 7% and 9% annual interest, respectively. If the total interest earned for the year was $600 how much was invested at each rate?

  2. Simple Interest

    Last year, Ivan had $20,000 to invest. He invested some of it in an acount that paid 9% simple interest per year, and he invested the rest in an account that paid 7% simple interest per year. After one year, he received a total of

  3. statistics

    {Exercise 3.55} Morningstar tracks the total return for a large number of mutual funds. The following table shows the total return and the number of funds for four categories of mutual funds (Morningstar Funds500, 2008). a. Using

  4. algebra

    Last year, Susan had 30,000 to invest. She invested some of it in an account that paid 8% simple interest per year, and she invested the rest in an account that paid 7% simple interest per year. After one year, she received a

  1. Math

    Betsy, a recent retiree, requires $6,000 per year in extra income. She has $60,000 to invest and can invest in B-rated bonds paying 13% per year or in a certificate of deposit (CD) paying 3% per year. How much money should be

  2. Algebra

    Last year, Deon had $10,000 to invest. He invested some of it in an account that paid 6%simple interest per year, and he invested the rest in an account that paid 9% simple interest per year. After one year, he received a total of

  3. Math(Please help)

    Betsy, a recent retiree, requires $6,000 per year in extra income. She has $70,000 to invest and can invest in B-rated bonds paying 17% per year or in a CD paying 7% per year. How much money should be invested in each to realize

  4. algebra

    Dilbert invests a total of $14,000 in two accounts paying 9% and 15% simple interest, respectively. How much was invested in each account if, after one year, the total interest was $1,350.00. A) Enter an equation that uses the

  1. math

    Cyndee wants to invest $50,000. Her financial planner advises her to invest in three types of accounts: one paying 3%, one paying 5 1/2%, and one paying 6% simple interest per year. Cyndee wants to put twice as much in the

  2. algebra

    You invested ​$27,000 in two accounts paying 2% and 3% annual​ interest, respectively.If the total interest earned for the year was $ 800, how much was invested at each​ rate?

  3. Math

    You invested $14,000 in two accounts paying 5% and 9% annual interest, respectively. If the total interest earned for the year was $820, how much was invested at each rate?

  4. math

    Katie invested a total of ​$6000 ​, part at 3 ​% simple interest and part at 4 ​% simple interest. At the end of 1​ year, the investments had earned ​$214 interest. How much was invested at each​ rate?

You can view more similar questions or ask a new question.