stan invested $5,000, part at 8% and part at 17%. intrest at the end of the year is $490, how much did he invest at 8%
490= AMOUNT*.08 + (5000-AMOUNT).17
solve for amount
219
To find out how much Stan invested at 8%, we can use the given information and some algebra.
Let's assume that Stan invested x amount at 8% and (5000 - x) amount at 17%.
The formula to calculate interest is:
Interest = Principal × Rate × Time
According to the question, the interest at the end of the year is $490. So, we can set up the following equation:
(8/100) × x + (17/100) × (5000 - x) = 490
Simplifying this equation, we get:
0.08x + 0.17(5000 - x) = 490
Now, let's solve for x:
0.08x + 0.17(5000 - x) = 490
0.08x + 850 - 0.17x = 490
0.08x - 0.17x = 490 - 850
-0.09x = -360
x = -360 / -0.09
x = 4000
Therefore, Stan invested $4,000 at 8%.