Question 1018957

sheryl won $60000 on slot machine in oxford. She invested part of the money at 2% and the rest at 3%. in one year she earned a total of $1600 in interest. How much was invested at each rate?
<pre>Let amount invested at 2%, be T
Then amount invested at 3% is: 60,000 - T
We then get: .02T + .03(60,000 - T) = 1,600
.02T + 1,800 - .03T = 1,600
.02T - .03T = 1,600 - 1,800
- .01T = - 200
T, or amount invested at 2% = {{{(- 200)/(- .01)}}}, or {{{highlight_green(matrix(1,1,"$20,000"))}}}
Amount invested at 3% = $60,000 - $20,000, or {{{highlight_green(matrix(1,1,"$40,000"))}}}