SOLUTION: Part of a $12,000 investment earned interest at a rate of 7%, and the rest earned interest at a rate of 9%. The combined interest earned at the end of 1 year was $890. How much was
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-> SOLUTION: Part of a $12,000 investment earned interest at a rate of 7%, and the rest earned interest at a rate of 9%. The combined interest earned at the end of 1 year was $890. How much was
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Question 257358: Part of a $12,000 investment earned interest at a rate of 7%, and the rest earned interest at a rate of 9%. The combined interest earned at the end of 1 year was $890. How much was invested at each rate? Answer by drk(1908) (Show Source):
You can put this solution on YOUR website! This is a I=PRT problem. IN this case we have 2 rates,so we get
(i)
From above, (i) becomes
(ii)
which is
x = 9500
12000-x = 2500
So it appears we have
9500 @ 7%
2500 @ 9%
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