SOLUTION: Phyllis invested $10,500, a portion earning a simple interest rate of 8 1/5% per year and the rest earning a rate of 8% per year. After one year the total interest earned on these
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Question 1131864: Phyllis invested $10,500, a portion earning a simple interest rate of 8 1/5% per year and the rest earning a rate of 8% per year. After one year the total interest earned on these investments was $858.00. How much money did she invest at each rate?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
x invested at 0.0825
10500-x invested at 0.08
so interest in 1 year is .0825x+840-.08x=858
then 0.0025x=18
and x=$7200 @ 8.25% earning $594
and 10500-x=3300 @8% earning $264
They add to $858,
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