Cassandra invested one part of her $10,000 at 7.5% per year and the other part at 8.5% per year. Her income from the two investment was $820. How much did she invest at each rate?

Solutions

Expert Solution

Let x and y be the amount invested at 7.5% and 8.5% respectively

Income = $820 = 7.5% * x + 8.5% * y

The total amount invested is also known

10,000 = x + y

Solve the system of the equations to find x and y.

x = $3000 and y = $7000

As a practice check that 7.5% of $3000 and 8.5% of $7000 gives $820.

Gives $820

Nipun Maity answered 2 years ago

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