SOLUTION: Phyllis invested $11,500, a portion earning a simple interest rate of 5 1/4% per year and the rest earning a rate of 5% per year. After one year the total interest earned on these
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Question 1035602: Phyllis invested $11,500, a portion earning a simple interest rate of 5 1/4% per year and the rest earning a rate of 5% per year. After one year the total interest earned on these investments was $593.75. How much money did she invest at each rate?
At 5 1/4 per year?
At 5% per year? Answer by jorel555(1290) (Show Source):
You can put this solution on YOUR website! Let n be the portion invested at 5.25%. Then:
.0525n+.05(11500-n)=593.75
.0525n+575-.05n=593.75
.0025n=18.75
n=18.75/.0025=$7500 invested at 5-1/4%, and 11500-7500, or $4000 invested at 5%!!!!!!!!
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