Ask Question
12 August, 19:37

Phyllis invested $10,500 a portion earning a simple interest rate of 9 (1/5) % per year and the rest earning a rate of 9% per year, after one year the total interest earned on these investments was $957.00. How much money did she invest at each rate?

+3
Answers (1)
  1. 12 August, 19:47
    0
    Total investment = $10,500

    Let x = amount of first investment, and y the amount of the second investment.

    First investment:

    Interest rate = 9 (1/5) % = 0.092

    Earned interest = 0.092x

    Second investment:

    Interest rate = 9% = 0.09

    Earned interest = 0.09y

    Total interest after one year is $957.00, therefore

    0.092x + 0.09y = 957

    or

    1.0222x + y = 10633.33 (1)

    Also,

    x + y = 10500 (2)

    Subtract (2) from (1).

    0.0222x = 133.33

    x = 6000

    y = 10500 - x = 4500

    Answer:

    The first investment is $6,000 at 9 (1/5) % rate;

    The second investment is $4,500 at 9% rate.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Phyllis invested $10,500 a portion earning a simple interest rate of 9 (1/5) % per year and the rest earning a rate of 9% per year, after ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers