Question 389318: Linda won $200,000 in a state lottery. She first paid income tax of 30% on the winnings. Of the rest she invested some at 1.5% and some at 4% earning $4350 interest per year. How much did she invest at each rate?
Found 2 solutions by rfer, mananth:
Answer by rfer(16322)   (Show Source):
Answer by mananth(16946)  (Show Source):
You can put this solution on YOUR website! Linda won $200,000 in a state lottery. She first paid income tax of 30% on the winnings. Of the rest she invested some at 1.5% and some at 4% earning $4350 interest per year. How much did she invest at each rate?
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30% 0f $200,000 = $60,000
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$200,000-$60,000 = $140,000
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@1.5%--------------------- $x
@4%-----------------------(140,000-x)
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Interest earned = $4,350
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1.5x+4(150,000-x)=4350*100
1.5x+600,000-4x=435,000
1.5x-4x=435,000-600,000
-2.5x=-165,000
/-2.5
x=66000
$ 66,000 @ 1.5%
Balance $ 74,000 @ 4%
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m.ananth@hotmail.ca
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