SOLUTION: Phyllis invested 23000 dollars, a portion earning a simple interest rate of 4 percent per year and the rest earning a rate of 6 percent per year. After one year the total interest

Algebra ->  Finance -> SOLUTION: Phyllis invested 23000 dollars, a portion earning a simple interest rate of 4 percent per year and the rest earning a rate of 6 percent per year. After one year the total interest       Log On


   

Question 406398: Phyllis invested 23000 dollars, a portion earning a simple interest rate of 4 percent per year and the rest earning a rate of 6 percent per year. After one year the total interest earned on these investments was 1120 dollars. How much money did she invest at each rate?
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
0.04x+0.06(23000-x)=1120
0.04x+1380-0.06x=1120
-0.02x=-260
x=13,000 at 4%
23000-x=10,000 at 6%