Answer:
GH¢. 18098.46
Step-by-step explanation:
Let the first investment giving 12% interest per annum be Bank A
Let the 2nd investment giving 10% per annum be bank B
Let the first amount invested be
GH¢. X and let the second amount invested be GH¢. X + 580
Thus; In bank A;
Principal amount in first = GH¢. x
rate = 12 %
time = 1 year
Formula for simple interest = PRT/100
Where P is principal, R is rate and T is time.
So, interest in his investment = 12X/100 = 0.12X
while in bank B;
principal amount = GH¢. X + 580
rate = 14%
time = 1 yr
So, interest in his investment = [(X + 580) × 14]/100
= 0.14(X + 580)
So, total accumulated interest is;
0.12X + 0.14(X + 580) = 0.12X + 0.14X + 81.2 = 0.26X + 81.2
Now, we are given accumulated interest = GH¢. 2,358.60
Thus;
2358.60 = (0.26X + 81.2)
2358.6 - 81.2 = 0.26X
X = 2277.4/0.26
X = 8759.23
So,
first amount invested = GH¢. 8759.23
Second amount invested = GH¢. 8759.23 + GH¢. 580 = GH¢. 9339.23
Total amount invested = GH¢. 8759.23 + GH¢. 9339.23 = GH¢. 18098.46
