Question

Any assistance is greatly appreciated.

Part of $13,750 is invested at 9% annual interest, and the rest is invested at 8%. After one year, the accounts paid $1,170 in interest. How much was invested at the lower rate?

$______________

Answer 1

still need help?

Answer 2

yes

Answer 3

I have to reboot my system. BRB

Answer 4

let x is the small amount of money which rate is 8%
(13,750 - x ) is the big one which rate is 9%
so the interest from those investment are 0.08 *x + ( 13,750 - x )* 0.09 = 1170
solve for x , you have - 0.01 x = -67.5
so x = 6750
conclusion: the investment in lower rate is $6750
in higher rate is $7000

Answer 5

Back - Thank you.