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Karl invested some money at 7percent interest and the same at 10percent His total interest for the year was 150 less than one-tenth of the total amount he invested how much did he invest at each rate?
Wiki User
∙ 14y ago
He invested 5,000 at each rate.
Let x represent the amount invested at 7% and y represent the amount invested at 10%. His total interest is therefore x+y. From the problem, we have the following equations (a and b):
(a) .07x+.1y=.1(x+y)-150
AND
(b) x=y
Plugging (b) into (a), we get:
.07x+.1x=.1(x+x)-150
.17x=.2x-150
.03x=150
x=150/.03=5000
Because x=y, y=5000 as well.
Wiki User
∙ 14y ago
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