SOLUTION: Phyllis invested $10,000, a portion earning a simple interest rate of
9(1/5)% per year and the rest earning a rate of 9% per year. After one year the total interest earned on th
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9(1/5)% per year and the rest earning a rate of 9% per year. After one year the total interest earned on th
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Question 908885: Phyllis invested $10,000, a portion earning a simple interest rate of
9(1/5)% per year and the rest earning a rate of 9% per year. After one year the total interest earned on these investments was $915.00. How much money did she invest at each rate? Answer by richwmiller(17219) (Show Source):
You can put this solution on YOUR website! If that 9(1/5)% means 9 1/5 % or 9.2 then
Total amount of money invested: $10000
x+y=10000,
Total yearly interest for the two accounts is: $915
0.092*x+0.09*y=915
x=10000-y
Substitute for x
0.092*(10000-y)+0.09*y=915
Multiply out
920.0-0.092*y+0.09*y=915
Combine like terms.
-0.002*y=-5.0
Isolate y
y=$ 2500.00 at 9%
x=10000-y
Calculate x
x=$ 7500.00 at 9.2%
Check
0.092*7500.0+0.09*2500.0=915
690.0+225.0=915
915.0=915
If this statement is TRUE and neither x nor y is negative then all is well
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