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Readme [11.4K]
4 years ago
5

A boy invested $860 of his Bar Mitzvah money. He put part of it in the bank at 4.5% interest and lent the remainder to his paren

ts at 7%. If after one year the interest on these investments was $51.95, find how much did he put in the bank?
Mathematics
1 answer:
katrin2010 [14]4 years ago
8 0
Let b represent the amount the boy put in the bank. Then (860-b) represents the amount he lent his parents. His earnings were ...
  0.045b + 0.07(860 -b) = 51.95
  -0.025b = 51.95 -0.07*860
  b = -8.25/-0.025 = 330

The boy put $330 in the bank.
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