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20 November, 08:21

A man invested a portion of $3,600 at 8% annual interest and the balance at 7%. If he receives $264 interest during the first year how much did he invest at each rate?

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  1. 20 November, 08:35
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    0.08x+0.07 (3600-x) = 264

    Solve for x

    0.08x+252-0.07x=264

    0.08x-0.07x=264-252

    0.01x=12

    X=12:0.01

    X=1200 invested at 8%

    3600-1200=2400 invested at 7%
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