Problema Solution
part of $13750 is invested at 9% annual interest and the rest is invested at 8%. After one year the accounts paid $1185 in interest. how much was invested at the lower rate?
Answer provided by our tutors
let
x = the money invested at 9% annual interest
y = the money invested at 8% annual interest
part of $13750 is invested at 9% annual interest and the rest is invested at 8%
x + y = 13750
After one year the accounts paid $1185 in interest
0.09x + 0.08y = 1185
by solving the system of equations:
x + y = 13750
0.09x + 0.08y = 1185
we find:
x = $8,500
y = $5,250
click here to see the step by step solution of the system of equations:
he invested $5,250 at the lower rate.