SOLUTION: Phyllis invested 23000 dollars, a portion earning a simple interest rate of 4 percent per year and the rest earning a rate of 6 percent per year. After one year the total interest
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Question 406398: Phyllis invested 23000 dollars, a portion earning a simple interest rate of 4 percent per year and the rest earning a rate of 6 percent per year. After one year the total interest earned on these investments was 1120 dollars. How much money did she invest at each rate?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
0.04x+0.06(23000-x)=1120
0.04x+1380-0.06x=1120
-0.02x=-260
x=13,000 at 4%
23000-x=10,000 at 6%
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