Asked by Joel
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Toshiro Hashimoto invested some money at 4.5% simple interest and $1000 more than four times the amount at 6%. His total annual income for one year from interest on the two investments was $801. How much did he invest at each rate?
Toshiro Hashimoto invested some money at 4.5% simple interest and $1000 more than four times the amount at 6%. His total annual income for one year from interest on the two investments was $801. How much did he invest at each rate?
Answers
Answered by
Henry
X dollars @ 4.5 %
(4x + 1000) dollars @ 6%
0.04x + 0.06(4x + 1000) = 801
0.285x = 801
x = 801/0.285 = $ 2600 @ 4.5%
4x + 1000 = 4 * 2600 + 1000 = $ 11400
@ 6%
9
(4x + 1000) dollars @ 6%
0.04x + 0.06(4x + 1000) = 801
0.285x = 801
x = 801/0.285 = $ 2600 @ 4.5%
4x + 1000 = 4 * 2600 + 1000 = $ 11400
@ 6%
9
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