Money is invested at two rates of interest. One rate is 7% and the other is 5%. If there is $600 more invested at 7% than at 5%, find the amount invested at each rate if the total annual interest received is $360. Let x= amount invested at 7% and y= amount invested at 5%.
Money is invested at two rates of interest. One rate is 7% and the other is 5%. If there is $600 more invested at 7% than at 5%, find the amount invested at each rate if the total annual interest received is $360. Let x= amount invested at 7% and y= amount invested at 5%.
Algebra for College Students
10th Edition
ISBN:9781285195780
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter8: Functions
Section8.7: Direct And Inverse Variation
Problem 36PS
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Money is invested at two rates of interest. One rate is 7% and the other is 5%. If there is $600 more invested at 7% than at 5%, find the amount invested at each rate if the total annual interest received is $360. Let x= amount invested at 7% and y= amount invested at 5%.
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