Viv G.

asked • 10/01/19

Financial Algebra Word Problem

Sam invests the earnings of $3000 from her full-time job. She invests part of the money at 5%/year, and the rest at 4%/year. After one year, these investments earn $140 simple interest. How much did she invest at each rate?  


What reason might you imagine for her to divide her money between two different accounts when she could obviously get more money in the one giving 5% interest?


1 Expert Answer

By:

Viv G.

Could you please clarify why you multiplied by 5 and 100?
Report

10/02/19

Evan K.

You multiply the first equation (x + y = 3000) by 5 and the second equation (.05x + .04y = 140) by 100 to state the x variables equally (5). Once the x variables are stated equally, the equations can be subtracted from each other, cancelling out the x terms evenly, and allowing you to solve for y first. - Hope this helps!
Report

10/13/19

Chad E.

You worked 49 hours this week and get paid $10.40/hr what will be your gross paycheck ?
Report

11/13/19

Chad E.

Royce has collected dimes and nickels for a year. He has 2355 coins that total $171.15 how many dimes does he have?
Report

11/13/19

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

Ask a question for free

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

OR

Find an Online Tutor Now

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