SOLUTION: Paul and Donna Petrie invested $34,000, part at 2% simple interest and the rest 7% at simple interest for a period of 1 year. How much did they invest at each rate if their tota
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Question 1196499: Paul and Donna Petrie invested $34,000, part at 2% simple interest and the rest 7% at simple interest for a period of 1 year. How much did they invest at each rate if their total annual interest from both investments was 1380? Answer by josgarithmetic(39620) (Show Source):
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$34,000, part at 2% simple interest and the rest 7% at simple interest for a period of 1 year. How much did they invest at each rate if their total annual interest from both investments was 1380?
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This kind done thousands of times.
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... invest $P, part at L% simple interest and the rest H% at simple interest for a period of 1 year. How much did they invest at each rate if their total annual interest from both investments was Y?
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v invested at H%
P-v invested at L%
P = 34000
Y =1380
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----------substitute the given values and evaluate v.
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