SOLUTION: Phyllis invested $11,500, a portion earning a simple interest rate of
9 1/2% per year and the rest earning a rate of 9% per year. After one year the total interest earned on thes
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9 1/2% per year and the rest earning a rate of 9% per year. After one year the total interest earned on thes
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Question 1026321: Phyllis invested $11,500, a portion earning a simple interest rate of
9 1/2% per year and the rest earning a rate of 9% per year. After one year the total interest earned on these investments was $1,077.50. How much money did she invest at each rate?
Solve for
9 1/2% per year
9% per year Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website!
Part I 9.50% per annum ------------- Amount invested =x
Part II 9.00% per annum ------------ Amount invested = y
tOTAL ---11500
Interest----- 1077.5
Part I 9.50% per annum ---x
Part II 9.00% per annum ---y
Total investment
x + 1 y= 11500 -------------1
Interest on both investments
9.50% x + 9.00% y= 1077.5
Multiply by 100
9.5 x + 9 y= 107750.00 --------2
Multiply (1) by -9.5
we get
-9.5 x -9.5 y= -109250.00
Add this to (2)
0 x -0.5 y= -1500
divide by -0.5
y = 3000
Part I 9.50% $ 8500
Part II 9.00% $ 3000
