Answer:
$17,000 at 14% and $9,000 at 2%
Step-by-step explanation:
Let x = amount invested at 14%.
Let y = amount invested at 2%.
x + y = 26000
0.14x + 0.02y = 2560
-0.02x - 0.02y = -520
(+) 0.14x + 0.02y = 2560
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0.12x = 2040
x = 17,000
x + y = 26000
17000 + y = 26000
y = 9000
Answer: $17,000 at 14% and $9,000 at 2%
Answer:
3.5 years
Step-by-step explanation:
Each year, Louis earned
$1500×0.035 = $52.50
in interest.
The amount of interest that had been credited to his account at the time of withdrawal was ...
$1683.75 -1500.00 = $183.75
Then the length of time the money had been in the account was ...
$183.75/($52.50/yr) = 3.5 yr
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<em>Comment on the problem</em>
We have assumed the account earned simple interest. Given the neatness of the answer, we believe that to be a correct assumption.
6 times x (the variable) plus 14 so basically 6x+14
