Crissy W.

how do I solve this problem: (1/12)x+(1/9)(2/3x+500)=1000

You invested a sum of money in a bank certificate yielding an annual return of one-twelfth of the sum invested.  A second sum of money invest in a credit union certificate yields an annual return of one-ninth of the sum invested.  The credit union investment is $500 more than two-thirds of the bank investment and the total annual return is$1000.  What is the sum of money you invested in the credit union certificate.

The believe the equation to be: (1/12)x+(1/9)(2/3x+500)=1000 but I am not sure.  Can you please show me step by step instructions on how to solve the equation so that I know I am on the correct path? Thank you.

By:

Tamara J. answered • 05/15/13

Tutor
4.9 (51)

Math Tutoring - Algebra and Calculus (all levels)

Still looking for help? Get the right answer, fast.

Get a free answer to a quick problem.
Most questions answered within 4 hours.

OR

Choose an expert and meet online. No packages or subscriptions, pay only for the time you need.