Results 1 to 2 of 2

Math Help - Interest words issues

  1. #1
    Newbie
    Joined
    Aug 2008
    Posts
    5

    Interest words issues

    In one year, Carol earned the same amount of interest from an
    investment at 8% annual interest as an investment at 12% annual
    interest. She had invested $1500 more at 8%. How much money did she
    have invested 12%?


    Unknowns:

    x = amount invested at 8%

    y = amount invested at 12%



    First Eq:

    Interest from 8% = Interest from 12%

    x * (1 + 0.08) = y * (1 + 0.12)



    Second Eq:

    amount invested at 8% = amount invested at 12% + $1500

    x = y + 1500


    The second one is solved, I plug it into the fist one, Do that equation, and that makes the amount invested at 8% = 39k?

    SO... After all the yada yada, the amount invested at12% = $37,500?


    No? or did I do something wrong?


    Thanks
    Follow Math Help Forum on Facebook and Google+

  2. #2
    MHF Contributor
    Joined
    Aug 2007
    From
    USA
    Posts
    3,111
    Thanks
    2
    Quote Originally Posted by Blakester View Post
    First Eq:

    Interest from 8% = Interest from 12%

    x * (1 + 0.08) = y * (1 + 0.12)
    This is exceptionally clear and organized. Good work. I hated finding something wrong with it, it was so clean.

    Anyway, what you have here is identical Account Balances, not identical Interest.

    x * (0.08) = y * (0.12)

    That will do it. Just equate the interest.

    Give it another go.
    Follow Math Help Forum on Facebook and Google+

Similar Math Help Forum Discussions

  1. No. of possible 'words'
    Posted in the Discrete Math Forum
    Replies: 1
    Last Post: January 15th 2012, 01:14 PM
  2. Calculate interest rate based on interest in parcels
    Posted in the Business Math Forum
    Replies: 1
    Last Post: February 17th 2011, 10:38 PM
  3. Compound interest at changing interest rates
    Posted in the Business Math Forum
    Replies: 2
    Last Post: October 21st 2010, 05:55 AM
  4. Need help with words
    Posted in the Calculus Forum
    Replies: 4
    Last Post: June 7th 2010, 06:07 PM
  5. Replies: 0
    Last Post: March 18th 2007, 02:31 PM

Search Tags


/mathhelpforum @mathhelpforum