Ok so i hav this hw nd i hav no idea how to do this. Please show me the steps nd everything. Thank you!
Here is the problem...
A man invested $6000, part of it at 5% simple interest and the rest at 7% simple interest. If his annual interest income is $372, how much did he invest at each rate?
Here is the problem...
A man invested $6000, part of it at 5% simple interest and the rest at 7% simple interest. If his annual interest income is $372, how much did he invest at each rate?
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Let a = amt inv @ 5% and b = amt inv @7%
a + b = 6000
0.05a + 0.07b = 372
a = 2400, b = 3600
He invested $2400 at 5% and $3600 at 7%.
-0.05a - 0.05b = -300
0.02b = 72
b = 3600
a = 2400
a + b = 6000
0.05a + 0.07b = 372
a = 2400, b = 3600
He invested $2400 at 5% and $3600 at 7%.
-0.05a - 0.05b = -300
0.02b = 72
b = 3600
a = 2400
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x+y=6000
.05x+.07y=372
x=2400
y=3600
.05x+.07y=372
x=2400
y=3600