SOLUTION: Mike invested $6000 for one year. He invested part of it at 9% and the rest at 11%. At the end of the year he earned $624 in interest. How much did he invest at each rate?
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Question 87268: Mike invested $6000 for one year. He invested part of it at 9% and the rest at 11%. At the end of the year he earned $624 in interest. How much did he invest at each rate? Answer by malakumar_kos@yahoo.com(315) (Show Source):
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let the amount invested at 9% be = x interest =9x/100
amount invested at 11%=(6000-x) interest =(6000-x).11/100
total interest = 624 hence 9x/100+(6000-x).11/100=624
9x/100-11x/100+660=624 -2x/100=624-660
-2x/100=-36 or x=1800 6000-1800=4200
amount invested at 9% interest=Rs1800
amount invested at 11%interest=Rs 4200
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