An amusement park offers an entrance fee discount of 20% to children under 6 years of age and seniors 65 or older. What is the r
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Answer:
- The amount invested at 5%=$77,000
- The amount invested at 9%=$349,000
Step-by-step explanation:
- Let the amount invested at 5% simple interest =$x
He invested $41,000 more than 4 times the amount at 9%.
- This amount is: $(4x+41000)
Total Annual Interest Earned = $35,260
Therefore, Time=1 year
Simple Interest
Therefore, his total interest
=Interest from Investment 1 + Interest from Investment 2
Therefore:
The amount invested at 5%=$77,000
The amount invested at 9%=$(4*77,000+41000)=$349,000