A boy invested $860 of his Bar Mitzvah money. He put part of it in the bank at 4.5% interest and lent the remainder to his parents at 7%. If after one year the interest on these investments was $51.95, find how much did he put in the bank?

Question

Puck

Mathematics

19 February, 03:04

A boy invested $860 of his Bar Mitzvah money. He put part of it in the bank at 4.5% interest and lent the remainder to his parents at 7%. If after one year the interest on these investments was $51.95, find how much did he put in the bank?

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Answers (1)

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Shane Roberson · Answer 1

Let b represent the amount the boy put in the bank. Then (860-b) represents the amount he lent his parents. His earnings were ...

0.045b + 0.07 (860 - b) = 51.95

-0.025b = 51.95 - 0.07*860

b = - 8.25/-0.025 = 330

The boy put $330 in the bank.