Question

Select the set of equations that represents the following situation: Mike invested $199. for one year. he invested part of it at 5% and the rest at 7%. At the end of the year he earned $10.75 in interest. How much did Mike invest at each rate of interest? can you please help me

Answer 1

can anyone help me

Answer 2

Let p = part amount
Remaining amount r = 199 - p
Interest on p = p * 0.05
Interest on r = (199 - p) * 0.07
Total interest = (p * 0.05) + (199 - p) * 0.07
Do you follow so far?

Answer 3

yes and the solution would be for both 5% and 7%

Answer 4

you still there

Answer 5

kropot can you help me finish this one

Answer 6

thank you kropot, still waiting

Answer 7

Total interest = 10.75 = 0.05p + (199 * 0.07) -0.07p
10.75 = -0.02p + 13.93
0.02p = -10.75 + 13.93 = 3.18
p = 3.18/0.02 = $159
The amount invested at 5% is $159 and the amount invested at 7% is 199 - 159 = $40

Answer 8

I got this too, its just i did not come up with it the way that you did and i wanted to learn how to put this into an equation. Thank you Thank you!!!!!! soooo much.

Answer 9

Good work!!! You're welcome :0