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crimeas [40]
1 year ago
5

$15,074 is invested, part at 14% and the rest at 5%. If the interest earned from the amount invested at 14% exceeds the interest

earned from the amount invested at 5% by $1694.07, how much is invested at each rate? (Round to two decimal places if necessary.)
Mathematics
1 answer:
Flauer [41]1 year ago
4 0

The rate at 14% and 5% are $12, 883 and $2191 respectively.

<h3>How to determine the rate</h3>

Given that;

Invested amount = $ 15, 074 at 14% and 5%

Let rate at 14% = x

rate at 5% = y

We have rate at 9% exceeds that of 5% by $1694. 07

Hence,

0. 14x = 0. 05y + $1694. 07 ⇒ equation 1

x + y = $15, 074 ⇒ equation 2

Make 'x' the subject

x = 15, 074 - y

Substitute in equation 2

0. 14(15, 074 - y) = 0. 05y + $1694. 07

Expand the expression

2, 110. 36 - 0. 14y = 0.05y + 1694. 07

Collect like terms

416. 29 = 0. 19y

Make 'y' the subject

y = \frac{416. 29}{0. 19}

y = $2, 191

Substitute the value in equation 2

x + y = $15, 074

x = $15, 074 - y

x = $15, 074 - 2191

x = $12, 883

Therefore , the rate at 14% and 5% are $12, 883 and $2191 respectively.

Learn more about simultaneous equations here:

brainly.com/question/16863577

#SPJ1

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