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The Problem

Marcus invested s sum of money at 5%. He invested an amount of money $250 more than the first amount at 6%. If the annual income from both investments totaled $59, how much did he invest at each rate. Use table and the 5-step method to solve this problem.

Answer provided by our tutors

Let x represent the first amount invested at 5%

Therefore, (x+ $250) would be the amount invested at 6%

question States***

.05x + .06(x + $250) = $59

solving for x

.05x + .06x + .06*$250 = %59

.11x = $59 - .06*$250

.11x = $59 - $15

.11x = $44

x = $44/.11 = $400, amount invested at 5%

the amount invested at 6% would be $650 ($400+ $250)

IV. CHECKING Our Answer***

.05*$400 + .06*$650 = $20 + $39 = $59

 

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