Problema Solution
A woman invested $15,000, part at 7% simple annual interest and part at 8% annual interest. If she receives $1,170 interest per year, how much did she invest at 7%?
Answer provided by our tutors
let
x = the money invested at 7%
y = the money invested at 8%
a woman invested $15,000
x + y = 15000
she receives $1,170 interest per year
0.07x + 0.08y = 1170
by solving the system of equations
x + y = 15000
0.07x + 0.08y = 1170
we find
x = $3,000
y = $12,000
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she invested $3,000 at 7%.