To Solve:
The given problem.
Answer to Problem 5MPS
Amount invested at 6% = $2000
Amount invested at 10% = $5000
Explanation of Solution
Given:
Given statement is :
The Khos invested $7000, part at 6% and the rest at 10% simple annual interest. If they had reversed the amounts invested at each rate, they would have earned $120 less in annual interest.How much was invested at each rate?
Calculation:
Let
x = amount invester at 6% rate
Total amount = $7000
So, 7000-x = amount invested at 10% rate.
So, interest earned =
Interest earned , if the amounts are switched invested at each rate =
Given:
Interest earned initially = Interest earned if the amounts at each rate are reversed + $120
So, amount invested at 6% = $2000
Amount invested at 10% = 7000-2000 = $5000
Chapter 6 Solutions
Algebra and Trigonometry: Structure and Method, Book 2
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