Question 111523: Someone Help Me Please? :)
Vito invested $500, part at 9% per annum, and the rest at 11% per annum. After one year, the interest earned on the 9% investment was $20 less than the interest on the 11% investment. How much did he invest at each rate?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Vito invested $500, part at 9% per annum, and the rest at 11% per annum. After one year, the interest earned on the 9% investment was $20 less than the interest on the 11% investment. How much did he invest at each rate?
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Let amount invested at 9% be "x" ; Interest on this is 0.09x dollars
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Amount invested at 11% is "500-x" ; Interest on this is 0.11(500-x)=55-0.11x
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EQUATION:
9% int. = 11% - 20
0.09x = 55-0.11x -20
0.20x = 35
x = $175.00 (Amt invested at 9%)
500-x = $325 (Amt invested at 11%)
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Cheers,
Stan H.
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