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Question: Joe invested $7,400, part at an annual interest rate of 4% and the rest at 5%. He received a total annual interest of $350. How much did he invest at each rate? A ) $3,000, $7,435 B ) $4,050, $7,420 C ) $2,000, $5,400 D ) $3,025, $7,460 Steps to derive 1 Let x represent the amount invested at 4 %, in dollars.2 Let y represent the amount invested at 5 %, in dollars.3 x + y = 7400 - - - (1)4 Total annual interest = (4 100 )x + (5 100 )y = 350 or 4x + 5y = 35000 - - - (2) [Use the formula: rate × amount = annual interest.]
5 Solve the system of linear equations using the addition method:6 - 5x - 5y = - 37000 [Multiply equation (1) by - 5 .] 4x + 5y = 35000 ----------------------- - x = -2000 [Add.]
7 x = 2000 [Solve for x .]8 2000 + y = 7400 [Substitute the value of x in equation (1).]9 y = 540010 So, Joe invested $2,000 at 4% and $5,400 at 5%.Hence the right answer is Option C Click Here To Go Back Few Other Questions - If h(y) = 4y2, limy→3 h(y) = h(3) and g(y) = 3y + 11, then find limy→3 g(h(y))... Mark and Dennis are playing ferris wheel which is rotating counter clockwise. If they are .. Select the rotational image of the given figure after a rotation of 300° in counter cl.. Which of the following figures is not the rotational image?.. Identify the figure which has rotational symmetry... What is the angle of rotation about the point P that maps figure 1 to figure 2?.. What are the coordinates of the point P (3, 4) when rotated by 180° in the counter clo.. The clock shows 3'o clock. Through what angle should the hour's hand be rotated to show 12.. Find the angle of rotation... The following figures have rotational symmetry. Determine the angle of rotation for each o.. 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