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5 December, 02:52

Walt made an extra $7000 last year from a part-time job. He invested part of the money at 10% and the rest at 7%. He made a total of $580 in interest. How much was invested at 7%? Select one:

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  1. 5 December, 03:21
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    We know that

    Interest = PNR / 100.

    where P is the principal

    R is the rate of Interest

    N is the no of years the sum has been invested for.

    Since N is not given we assume that to be 1

    Therefore we have

    10x / 100 + (7000 - x) * 7/100 = 580

    Multiplying both sides by 100

    10x + (7000-x) * 7 = 58000

    simplifying

    10x + 49000 - 7x = 58000

    3x = 58000-49000

    3x = 9000

    x = 3000

    therefore the sum of money invested at 7% = 7000 - 3000 = 4000
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