Problema Solution
A banker invested a portion of $10,000 at 5% interest per year and the remainder at 4% interest per year if the banker received $470 in interest after one year how much was invested at each rate?
Answer provided by our tutors
Let
x = amount he invested at 5%,
10,000-x = amount invested at 4%
So we have:
0.05x + 0.04(10000-x) = 470
........
click here to see the equation solved for x
........
x = $7,000
10,000 - 7,000 = $3,000
$7,000 was invested at 5% and $3,000 was invested at 4%.