SOLUTION: Miss Santos invested half of her money at 1% and half at 8% per year. Her annual income from the two investments was 7,500 pesos. How much did she invest at each rate?
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Question 92923: Miss Santos invested half of her money at 1% and half at 8% per year. Her annual income from the two investments was 7,500 pesos. How much did she invest at each rate? Answer by psbhowmick(878) (Show Source):
You can put this solution on YOUR website! Let us suppose that Miss Santos had money amounting to 2x pesos.
So she invested x pesos at 1% and x pesos at 8% simple interest per annum.
Interest on x pesos for 1 yr at 1% simple interest per annum = pesos.
Amount at 1% rate = Principal + Interest = pesos.
Interest on x pesos for 1 yr at 8% simple interest per annum = pesos.
Amount at 8% rate = Principal + Interest = pesos.
Total annual income from the interests = pesos.
This amount is equal to 7500 pesos.
So
or
So Ms. Santos invested 3456.22 pesos at each rate.
