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16 November, 08:24

Reggie invests $12,000, part at 7% annual interest and part at 8.5% annual interest. how much is invested at each rate if reggie's total annual interest is $900?

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  1. 16 November, 08:53
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    Let us say that:

    x = invested at 7%

    y = invested at 8.5%

    and that:

    x + y = 12,000

    We can also say that:

    0.07 x + 0.085 y = 900

    Therefore:

    0.07 x + 0.085 (12000 - x) = 900

    0.07 x + 1020 - 0.085 x = 900

    - 0.015 x = - 120

    x = $8000

    so y is:

    y = 12000 - 8000

    y = $4,000

    $8000 is invested at 7% annual interest while $4000 is invested at 8.5%
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