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| Math Central | Quandaries & Queries |
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Question from victor, a student: Sue invested $10,000, part at 4.8% annual interest and the balance at 7% annual interest. How much is invested at each rate if a 1-year interest payment is $645.66. |
Hi Victor,
Suppose that Sue invested $x at 4.8% for a year then she invested the remainder $(10,000 - x) at 7%. How much interest would she earn on the $x at 4.8%? How much interest did she earn on the $(10,000 - x) at 7%? If the sum of these two interest amounts is $645.66 what is x?
I hope this helps,
Penny
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