Math Problem Statement
Indigo makes two separate investments, one paying
6
percent and the other paying
8
percent simple interest per year. She invests a total of
$
7100
, and her annual interest earnings are
$
508
. How much did she invest at each rate?
Solution
Ask a new question for Free
By Image
Drop file here or Click Here to upload
Math Problem Analysis
Mathematical Concepts
Algebra
Simple Interest
Formulas
Simple Interest: Interest = Principal × Rate × Time
Total Interest Equation: 0.06x + 0.08(7100 - x) = 508
Theorems
-
Suitable Grade Level
Grades 9-12
Related Recommendation
Calculate Initial Investment and Time Needed for Simple and Compound Interest
Calculate Simple Interest: How Much to Invest for $17,500 in 10 Months?
Calculate Investment Growth for Future Value with Compound Interest
Calculate Compound Interest with 12% Annual Rate
Compound Interest Problems with Solutions: 12%, 6%, 4%, and 10% Interest Rates