Walt made an extra $7000 last year from a part-time job. He invested part of the money at 10% and the rest at 7%. He made a total of $580 in interest. How much was invested at 7%?Select one:

Answers

Answer 1

Answer: We know that
Interest= PNR/ 100.
where P is the principal
R is the rate of Interest
N is the no of years the sum has been invested for.
Since N is not given we assume that to be 1
Therefore we have
10x /100 + (7000 -x)*7/100= 580

Multiplying both sides by 100
10x+(7000-x)*7 = 58000
simplifying
10x+ 49000 - 7x = 58000
3x = 58000-49000
3x = 9000
x= 3000
therefore the sum of money invested at 7% = 7000 - 3000 = 4000

Answer 2

Answer:

Final answer:

Using the given conditions, we establish two equations. The first from the total invested amount which of 7000 dollars and the second from the total interest of $580. We solve the system of equations to find the value of x, which signifies the amount invested at 10%. The rest of the money (7000 - x) was invested at 7%.

Explanation:

To solve this problem, we need to set up two equations based on the information given. These equations can be set up with the following assumptions: let us denote the amount of money invested at 10% as x and at 7% as 7000 - x.

First equation would be derived from the total amount invested which was $7000, so x + (7000 - x) equals to 7000.
The second equation can be established from the total interest which was $580, so 0.10x + 0.07(7000 - x) equals to 580.

Solve the system of these two equations to find the value of x. The solution will yield the amount that was invested at 10%. The rest of the $7000, that is (7000 - x), was invested at 7%, which is what we're looking for.

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