Can someone tell me if I’m doing this correctly?

[dnorr]

Can someone tell me if I’m doing this correctly?

An investor deposited an amount of money into a high-yield mutual fund that returns a 9% annual simple interest rate. A second deposit, $2,500 more than the first, was placed in a certificate of deposit that returns a 5% annual simple interest rate. The total interest earned on both investments for one year was $475. How much money was deposited in the mutual fund?

Here’s what I have so far...

0.09x = (x + 2,500)(0.05) = 475
0.09x + 125 + 0.05 = 475
125 + .14x = 475
.14x = 600
X = 4,285

 

[Mrspi]

Re: Can someone tell me if I’m doing this correctly?

An investor deposited an amount of money into a high-yield mutual fund that returns a 9% annual simple interest rate. A second deposit, $2,500 more than the first, was placed in a certificate of deposit that returns a 5% annual simple interest rate. The total interest earned on both investments for one year was $475. How much money was deposited in the mutual fund?

Here’s what I have so far...

0.09x = (x + 2,500)(0.05) = 475<------I think that first "=" sign should be a " + ", right?
0.09x + 125 + 0.05 = 475
125 + .14x = 475<----correct to this point

BUT....now you need to SUBTRACT 125 from both sides to get the term containing x by itself:

125 + 0.14x - 125 = 475 - 125
0.14x = 350

Now, continue...divide both sides of the equation by 0.14
.14x = 600
X = 4,285

I've pointed out above where your mistake lies....

When you get an answer, you can determine YOURSELF whether that answer is correct or not.

Are the conditions of the problem satisfied when you use your answer for the unknown?

For example, you got $4285 as the amount invested at 9%, and would have $4285 + $2500, or $6785 as the amount invested at 5%.

Does this give the correct amount of interest in one year?
0.09(4285) + 0.05(6785) = $385.65 + $339.25

That does NOT add up to the total interest stated in the problem, or $475, and that will tell you your answer is not correct.

 

[dnorr]

Re: Can someone tell me if I’m doing this correctly?

x = $2500
$2500 invested at 9%, would mean $2500 + $2500, or $5000 invested at 5%.
0.09(2500) + 0.05(5000) = $225 + $250

Could it be done this way also?

0.09x = (x + 2,500)(0.05) = 475
0.09 x + 125 + 0.05 = 475
125 + .14x = 475 <------------------- Can I just subtract the 125 from the 475?
.14x = 350

 

[lookagain]

Re: Can someone tell me if I’m doing this correctly?

An investor deposited an amount of money into a high-yield mutual fund that returns a 9% annual simple interest rate. A second deposit, $2,500 more than the first, was placed in a certificate of deposit that returns a 5% annual simple interest rate. The total interest earned on both investments for one year was $475. How much money was deposited in the mutual fund?

Here’s what I have so far...

0.09x = (x + 2,500)(0.05) = 475

0.09x + 125 + 0.05 = 475\(\displaystyle . \ . \ . \ . \ . Also, \ there \ should \ be \ a \ "0.05x" \ term \ here \ where \ the \ "0.05" \ is.\)

125 + .14x = 475\(\displaystyle . \ . \ . \ . \ You \ corrected \ the \ missing \ "x" \ in \ this \ line.\)

.14x = 600

X = 4,285

dnorr,

you must be clear what your variable(s) represent.

State the equivalent to this:

"Let x = the amount of money invested in the mutual fund."

It is not certain that you know what the variable represents. You should not get credit
for something that you may or may not know, by leaving out what quantity is meant by
which variables.