SOLUTION: Phyllis invested 64000 dollars, a portion earning a simple interest rate of 5 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 344980: Phyllis invested 64000 dollars, a portion earning a simple interest rate of 5 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 3470 dollars. How much money did she invest at each rate?
At rate 5 percent :
At rate 6 percent :
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
total amount = 64000
let $ x be at 5%
64000-x @ 6 %
..
return earned = 3470
...
0.05x+0.06(64000-x)=3470
0.05x+3840-0.06x=3470
-0.01x= -3840+3470
-0.01x=-370
/-0.01
x=-370/-0.01
x= 37000 amount invested @ 5%
64000-37000= 27000 invested @ 6 %
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