Question 491107: suppose you invest $15,000 in two funds paying 11 1/2% and 14% simple interest. the total annual interest is $1950. how much is invested in each fund?
Answer by mananth(16946)   (Show Source):
You can put this solution on YOUR website! Investment I 11.50% per annum ---x
Investment II 14.00% per annum ---y
x + y= 15000 ------------------------1
11.50% x + 14.00% y = $1,950.00
Multiply by 100
11.5 x + 14 y = $195,000.00 --------2
Multiply (1) by -11.5
we get
-11.5 x -11.5 y = -172500.00
Add this to (2)
0 x+ 2.5 y = $22,500.00
divide by 2.5
y = $9,000.00 investment at 14.00%
Balance $6,000.00 investment at 11.50%
CHECK
$6,000.00 $690.00
$9,000.00 $1,260.00
Total $1,950.00
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