How much is invested at 8% if the total amount of interest, Mathematics

Assignment Help:

Kevin invested $4,000 in an account which earns 6% interest per year and $x in a different account that earns 8% interest per year. How much is invested at 8% if the total amount of interest earned annually is $405.50?

Let x = the amount invested at 8% interest. Since the total interest is $405.50, use the equation 0.06(4,000) + 0.08x = 405.50. Simplify the multiplication: 240 + 0.08x = 405.50. Subtract 240 from both sides: 240 - 240 + 0.8x = 405.50 - 240; simplify: 0.08x = 165.50. Divide both sides by 0.08: 0.08x/0.08=165.50/0.08. Thus, x = $2,068.75, that is the amount invested at 8% interest.


Related Discussions:- How much is invested at 8% if the total amount of interest

Stats Combination Questions, A car buyer has a choice of three makes, five ...

A car buyer has a choice of three makes, five body styles, and six colors. How many different choices does the buyer have?

Random variable, RANDOM VARIABLE A variable which assumes differ...

RANDOM VARIABLE A variable which assumes different numerical values as a result of random experiments or random occurrences is known as a random variable. The rainfal

Shares, a person having rs.10 shares of value rs.6000 in a company which pa...

a person having rs.10 shares of value rs.6000 in a company which pays a 7% dividend invested the money gained by selling those shares and bought rs.25 shares at rs.24 per share in

Law of cosines - vector, Theorem a → • b → = ||a → || ||b → || cos• ...

Theorem a → • b → = ||a → || ||b → || cos• Proof Let us give a modified version of the diagram above. The three vectors above make the triangle AOB and note tha

Sketch the direction field for the differential equation, Sketch the direct...

Sketch the direction field for the subsequent differential equation. Draw the set of integral curves for this differential equation. Find out how the solutions behave as t → ∞ and

Gauss-siedel or newton-rapson method, A one-line diagram of a simple three-...

A one-line diagram of a simple three-bus power system is shown in Figure 1 with generation at bus 1. The magnitude of voltage at bus 1 is adjusted to 1.05 per unit. The scheduled l

Determinants, can anyone solve this assigment: D=lsqrt(3x-5) sqrt(2x)l ...

can anyone solve this assigment: D=lsqrt(3x-5) sqrt(2x)l =3 l -1 1 l

Fractions, a boy is six months old his sister was given birth to three mont...

a boy is six months old his sister was given birth to three month after him. if their cousin is 0.33years old, arrange their ages in ascending order

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd