Homework SourseJerry invested 7000part at 8 simple interest and the rest at
Jerry invested $7000,part at 8% simple interest and the rest at 5% simple interest for a period of 1 year. If he received a total annual interest of $476 from both investment, how much did he invest at each rate
Jerry invested $7000,part at 8% simple interest and the rest at 5% simple interest for a period of 1 year. If he received a total annual interest of $476 from both investment, how much did he invest at each rate
Solution
0.08x+0.05(7000-x)=476
0.08x+350-0.05x=476
0.03x=126
x=4200 at 8%
7000-x=2800 at 5%
