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Home > Education > Homework Help > Math & Sciences   »   What equation do I use to solve this?

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Old Jan 19, 2008, 08:35 AM
tywatson
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What equation do I use to solve this?
Mike invested $6000 for one year. He invested part of it at 9% and the rest at 11%. At the end of the year he earned $624 in interest. How much did he invest at each rate?

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Old Jan 19, 2008, 08:56 AM   #2  
PolluxCastor
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He should have invested it all at 11%, he would have made $660.
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Old Jan 19, 2008, 12:01 PM   #3  
galactus
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Let x = the amount invested at 9%, then we have .09x

Then the amount invested at 11% would be 0.11(6000-x)

This must equal 624.

So, we have the equation:



Solve for x.
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Old Jan 23, 2008, 08:48 PM   #4  
Ronniesha
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4y-14=10
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Old Jan 24, 2008, 11:31 AM   #5  
tywatson
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x + y = 6000
.09x + .11y = 624

Multiply by .09 and subtract

.09x + .11y = 624
- .09x - .09y = 540
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.02y = 84

y = 84 / .02

y = 4200

x + 4200 = 6000
x = 6000-4200
x = 1800

Amount invested at 9% = 1800
Amount invested at 11% = 4200
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Old Jan 24, 2008, 03:21 PM   #6  
PolluxCastor
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Yay!
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