Question 1151867: Rachel invested $9000 in money market funds, part at 6% and the rest at 4.5% annual interest. after one year, she earned $ 480.75 in interest. How much was invested at each rate?
Answer by ikleyn(52775)   (Show Source):
You can put this solution on YOUR website! .
x dollars invested at 6% and the rest, (9000-x) dollars invested at 4.5%.
The total interest is the sum of partial interest.
In the equation form it is
0.06x + 0.045*(9000-x) = 480.75 dollars.
From the equation,
x =  = 5050 dollars.
ANSWER. $5050 invested at 6% and the rest, 9000-5050 = 3950 dollars invested at 4.5%.
CHECK. 0.06*5050 + 0.045*3950 = 480.75 dollars. ! Precisely correct !
Solved.
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Every day we solve 3 - 5 similar problems at this forum.
It is a standard and typical problem on investments.
If you need more details, or if you want to see other similar problems solved by different methods, look into the lesson
- Using systems of equations to solve problems on investment
in this site.
You will find there different approaches (using one equation or a system of two equations in two unknowns), as well as
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