Problema Solution
Write a system of two equations in two variables to solve the problem.
A retired couple invested part of $12,600 at 6% interest and the rest at 7.5%. If their annual income from these investments is $846, how much was invested at each rate?
$ at 6%
$ at 7.5%
Answer provided by our tutors
let
x = $ at 6%
y = $ at 7.5%
A retired couple invested part of $12,600 at 6% interest and the rest at 7.5%:
x + y = 12600
their annual income from these investments is $846:
0.06x + 0.075y = 846
by solving the system of equations:
x + y = 12600
0.06x + 0.075y = 846
we find:
x = $6,600
y = $6,000
click here to see the step by step solution of the system of equations:
$6,600 was invested at 6% and $6,000 was invested at 7.5%.