SOLUTION: Katie invested $6000, a portion earning a simple interest rate of 3.25% per year and the rest earning a simple interest rate of 4% per year. After one year the total interest earn
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Question 338676: Katie invested $6000, a portion earning a simple interest rate of 3.25% per year and the rest earning a simple interest rate of 4% per year. After one year the total interest earned on these investments is $199.50. Answer by nerdybill(7384) (Show Source):
You can put this solution on YOUR website! Katie invested $6000, a portion earning a simple interest rate of 3.25% per year and the rest earning a simple interest rate of 4% per year. After one year the total interest earned on these investments is $199.50.
.
Let x = amount invested at 3.25%
then
6000-x = amount invested at 4%
.
.0325x +.04(6000-x) = 199.50
.0325x + 240 - .04x = 199.50
240 - .0075x = 199.50
-.0075x = -40.5
x = $5400 (amount invested at 3.25%)
.
amount invested at 4%:
6000-x = 6000-5400 = $600
