Question

$10,000 is invested at two different rates. $4,500 is invested at 4%, and the rest is invested at 5%. How much interest is earned at the end of one year? Show all work for full credit.

Answer 1

Here is the solution of the given problem above.$10,000 = total amount$4,500 = 4% interest$5,500 = 5%? = amount of interest earned at the end of the yearSo first, let's get 4% of 4,500 which is $180Now, 5% of 5,500 which is $275Since the question did not specify if the interest is per month or per year, i will give the results based on the per month and per year.So per month x 12 months, in a year, the total would be 2,160 + 3, 300 so it will be $5,460.But if this interest is on a yearly basis, then the total would be $455.
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