George invested $2000 at two different rates, 5% and 6%. If his total interest income was $106 how much did he invest at each rate?

Question

Ariel Branch

Mathematics

24 April, 13:38

George invested $2000 at two different rates, 5% and 6%. If his total interest income was $106 how much did he invest at each rate?

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Answers (1)

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Jaylee Rose · Answer 1

Given:

Total investment = $2000

rate 1 = 5%

rate 2 = 6%

Total interest income = $106

let x = investment at 5%

2000 - x = investment at 6%

$106 = A1 + A2

A = P (i (1+i) ^n / (1+i) ^n - 1)

Assume n = 1

Solve for x.