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Math Help - Math Word Problem for homework...need help ASAP

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    Math Word Problem for homework...need help ASAP

    You inherit $10,000 with the stipulation that for the first year the money must be placed in two investments paying 8% and 12% annual interest, respectively. How much should be invested at each rate if the total interest earned for the year is to be $950?
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    Quote Originally Posted by Tammy07 View Post
    You inherit $10,000 with the stipulation that for the first year the money must be placed in two investments paying 8% and 12% annual interest, respectively. How much should be invested at each rate if the total interest earned for the year is to be $950?
    Let x be the amount invested at 8% interest
    Let y be the amount invested at 12% interest

    then x + y = 10000 ............(1)

    the interest gained on x is 0.08x dollars
    the interest gained on y is 0.12y dollars
    since the total interest gained is 950 dollars, we have:

    0.08x + 0.12y = 950 ................(2)

    now you have two equations and two unknowns, you can solve for x and y
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