A college student invested part of a $25,000 inheritance at 7% interest and the

Question

A college student invested part of a $25,000 inheritance at 7% interest and the rest at 6%. If his annual interest is $1,671 how much did he invest at 6%? If I told you the answer is $8,000, in your own words, using complete sentences, explain how you would solve the problem.

Explanation / Answer

$x at 7% $(25,000-x) at 6% 0.07x -> interest from the account at 7% 0.06(25,000-x) interest from the account at 6% 0.07x+0.06(25,000-x)= 1671 0.07x+ 1500 - 0.06x = 1671 0.01x = 1671-1500 0.01x = 171 x= 17,100 at 6% will be 25,000-17,100=7900 I've done this problem before and it has the same problem it says that the answer is 8000 but it is actually 7900. So keep in mind that the answer 8000 is wrong.

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.