Exercise 91 - - 0.05y - 0.05y 2000 + 0.03y = 2300- 2000 -...

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91. Mixing investments. Helen invested $40,000 and received a total of $2300 in interest after one year. If part of the money returned 5% and the remainder 8%, then how much did she invest at each rate? x + y = 40,000 Total amount invested 0.05x + 0.08y = 2300 Total interest 0.05x + 0.08y = 2300 0.05(40,000 – y) + 0.08y = 2300 2000 – 0.05y + 0.08y = 2300
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Unformatted text preview: - 0.05y - 0.05y 2000 + 0.03y = 2300- 2000 - 2000 0.03y = 300 0.03 0.03 y = 10,000 x = 40,000 y x = 40,000 10,000 = 30,000 x = 30,000 0.05(30,000) = 1,500 0.08(10,000) = 800 Because $1,500 + $800 = $2,300 and $10,000 + $30,000 = $40,000, Helen invested $30,000 at 5% and $10,000 at 8%....
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This note was uploaded on 04/20/2010 for the course GEN 200 general taught by Professor Love during the Spring '10 term at University of Phoenix.

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