SOLUTION: Phyllis invested $12,000, a portion earning a simple interest rate of 4 and 1/2% per year and the rest earning a rate of 4% per year. After one year the total interest earned on th
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Question 406725: Phyllis invested $12,000, a portion earning a simple interest rate of 4 and 1/2% per year and the rest earning a rate of 4% per year. After one year the total interest earned on these investments was $525. How much money did she invest at each rate?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
0.045x+0.04(12000-x)=525
0.045x+480-0.04x=525
0.005x=45
x=9000 at 4.5%
12000-x=3000 at 4%
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