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10 August, 10:14

In one year, Michael earned $6300 as a work study in college. He invested part of the money at 9% and the rest at 7%. If he received a total of $493 in interest at the end of the year, how much was invested at 7%? How much was invested 9%?

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  1. 10 August, 10:32
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    Let x represent invested money at 9% and y at 7%

    Now we write system:

    x+y = 6300

    1.09*x + 1.07 * y = 6300 + 493 = 6793

    1.09x + 1.09y = 6867

    Here we multiplied first equation with 1.09 and now we will subtract second from first:

    0.02y = 74

    y = 3700

    x = 6300-3700 = 2600

    Michael invested 2600 at 9% and 3700 at 7%
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