SOLUTION: Vito invested $500, part at 9% per annum, and the rest at 11% per annum. After one year, the interest earned on the 9% investment was $20 less than the interest on the 11% investme

Question 111513: Vito invested $500, part at 9% per annum, and the rest at 11% per annum. After one year, the interest earned on the 9% investment was $20 less than the interest on the 11% investment. How much did he invest at each rate?
Answer by elima(1433) (Show Source): You can put this solution on YOUR website!
Vito invested $500, part at 9% per annum, and the rest at 11% per annum. After one year, the interest earned on the 9% investment was $20 less than the interest on the 11% investment. How much did he invest at each rate?
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amount invested at each = x
.09(500-x)
.11x
====================
.09(500-x)(1)-20=.11x
45-.09x-20=.11x
25=.11x+.09x
25=.2x
125=x
125 = amount at 11%
500-125=375 = amount at 9%
:)
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