What is the unit rate of 27:24
2 answers:
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Answer:
$2000 was invested at 6% and $1000 was invested at 7%
Explanation:
Let:
x= the amount invested at 6% annual interest
y= the amount invested at 7% annual interest
The total amount invested was $3000. So,
x+y =3000
or
y=3000-x ===> Equation 1
Then, the total interest earned for the year was $190. So,
0.06x+0.07y=190 =====> Equation 2
Substitute y=3000-x into 0.06x+0.07y=190.
Substitute x=2000 into x+y =3000.
So,
Therefore, $2000 was invested at 6% and $1000 was invested at 7%.