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

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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

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Suitable Grade Level

Grades 9-12