SOLUTION: Phyllis invested 27000 dollars, a portion earning a simple interest rate of 4 percent per year and the rest earning a rate of 7 percent per year. After one year the total interest
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Question 719215: Phyllis invested 27000 dollars, a portion earning a simple interest rate of 4 percent per year and the rest earning a rate of 7 percent per year. After one year the total interest earned on these investments was 1530 dollars. How much money did she invest at each rate?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Phyllis invested 27000 dollars, a portion earning a simple interest rate of 4 percent per year and the rest earning a rate of 7 percent per year. After one year the total interest earned on these investments was 1530 dollars. How much money did she invest at each rate?
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Equation:
Quantity Equation: x + y = 27000
Interest Equation:4x +7y = 153000
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Modify to eliminate:
4x + 4y = 4*27000
4x + 7y = 153000
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3y = 45000
y = $15000 (amt invested at 4%
x = 27000-15000 (amt. invested at 7%
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Cheers,
Stan H.
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