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can you help me answer this word problem?
amy has $5000 to invest. she plans to invest part of the money at 10% and part at 13%. she wants her total interest to be $590. how much should she invest at each rate?
show work too please! thanks :)
5000 = INV10% + INV13% ........( Total Invested )
590 = ( INV10% ) ( 0.10 ) + ( INV13% ) ( 0.13 ) ....( Interest Earned )
INV10% = 5000 - INV13%
590 = ( 5000 - INV13% ) ( 0.10 ) + ( INV13% ) ( 0.13 )
590 = 500 - (INV13% ) ( 0.10 ) + ( INV13% ) ( 0.13 )
( INV13% ) ( 0.13 - 0.10 ) = 590 - 500 = 90
INV13% = ( 90 ) ( 0.03 ) = $3000
INV10% = 5000 - 3000 = $2000
Check result :
590 ?=? ( 2000 ) ( 0.10 ) + ( 3000 ) ( 0.13 ) = 200 + 390 = 590 ---->[ OK]
Invest $2000 at 10% interest
Invest $3000 at 13% interest
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