contestada

You have invested $12,000 into two different companies company 1 earns you 6% on your investment each year and Company 2 earns you 50% each year if you earn $700 each year how much was invested in each company?

Respuesta :

adioabiola

The correct questions says 5% each year for Company 2.

The amount invested in companies A and B are; $10,000 and $2000 respectively.

Percentages on Investment

Let the amount in Company 1 be; x

Let the amount in Company 2 be; y

Hence, we have the equation;

  • x + y = 12,000

Additionally, 6% is earned on company 1 and 50% on company 2.

Therefore, we have;

  • 0.06x + 0.05y = 700

  • 6x + 5y = 70000

by solving the equation simultaneously;

  • 6(12000 -y) + 5y = 70000

  • 72000 - 6y + 5y = 70000

  • y = $2000

  • x = $12000 - $2000

  • x = 10000

  • x = $10,000

Read more on simultaneous equations;

https://brainly.com/question/16863577

Otras preguntas