Question
Solve the following word problem.
Money is invested at two rates of interest. One rate is 7%
and the other is 2%
. If there is $1400
more invested at 7%
than at 2%
, find the amount invested at each rate if the total annual interest received is $440
. Let x=
amount invested at 7%
and y=
amount invested at 2%
. Then the system that models the problem is {x=y+1400 0.07x+0.02y=440
. Solve the system by using the method of addition.
Money is invested at two rates of interest. One rate is 7%
and the other is 2%
. If there is $1400
more invested at 7%
than at 2%
, find the amount invested at each rate if the total annual interest received is $440
. Let x=
amount invested at 7%
and y=
amount invested at 2%
. Then the system that models the problem is {x=y+1400 0.07x+0.02y=440
. Solve the system by using the method of addition.
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