Question 224002: Hell my name is Teri and I have been stuck on this problem forever.
Problem:
Phyllis invested 54,000 dollars, a portion earning a simple interest rate of percent 4% per year and the rest earning a rate of 6% per year. After one year the total interest earned on these investments was 2760 dollars. How much money did she invest at each rate?
At rate 4%-
At rate 6%-
* I know the equation for finding simple interest is Interest= (Principal)x(Rate)x (Time) but I have no idea what to do when you know all the parts for the equation.
I would appreciate any help! Thank you for your time.
Answer by ankor@dixie-net.com(22740)   (Show Source):
You can put this solution on YOUR website! Well, Teri, let's do it step by step, it's not that hard
:
Phyllis invested 54,000 dollars, a portion earning a simple interest rate of
percent 4% per year and the rest earning a rate of 6% per year.
After one year the total interest earned on these investments was 2760 dollars.
How much money did she invest at each rate?
:
Let x = amt invested at 6%
It gives the total as $54,000, therefore we can say:
(54000-x) = amt invested at 4%
;
A total interest equation
.06x + .04(54000-x) = 2760
:
.06x + 2160 - .04x = 2760
:
.06x - .04x = 2760 - 2160
:
.02x = 600
x = 
x = $30,000 invested at 6%
then
54000 - 30000 = $24,000 invested at 4%
;
:
We can check our solution
.06(30000) + .04(24000)
1800 + 960 = 2760, confirms our solution
|
|
|
