you invest $4900, part at 6% interest and the rest at 8%. if yearly in interest on each is the same amount, how much do you receive at the end of the year?

Question

invested $4900

part invested at 6% interest

part invested at 8% interest

yearly interest on each investment was the same

how much interest did you receive?

Answer 1

So you have to split up the 4900 into 2 quantities.  if one is x, the other will be 4900-x.

The interest on these can be represented as .06x and .08(4900-x) and the amount of interest must be equal, so,

 

.06x = .08(4900 - x)

.06x = 392 - .08x

.14x = 392

x = 2800

 

S0 2800 invested at 6% and 2100 invested at 8% should work for you.

 

Hope this helped.