Re: Five algebra problems
Levi wrote:Show all your work for full credit!
1) Levi invested $15000. Some of this money was invested at 9¼ % simple interest and the remaining funds were invested at 11½ % simple interest. After 1 year, the total interest was $1623.75. How many dollars were invested at 9¼ %?
Well, my work day is pretty boring, and I don't suppose it would injure your school career to do the first one for you:
Let's use D (for dollars) to represent the amount of money invested at 9 1/4%.
Let us use F (for final) to denote the amount of money in the account after one year.
F = D * 1.0925 + (15000 - D) * 1.1125
F = 1.0925D + 16687.50 - 1.1125D
F = 16687.50 - .02D
But we also know that F = 15000 + 1623.75 = 16623.75
Thus, 16687.50 - .02D = 16623.75
.02D = 16687.5 - 16623.75 = 63.75
D = 63.75/.02 = 3187.50 in dollars