What is the answer for the question 24/p=4
2 answers:
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Answer:
Amount invested at 6 percent interest is $69,200
Amount invested at 9 percent interest is $34,600
Step-by-step explanation:
Let the amount invested (or principal) at 6 percent interest be $2x
The principal(P) (amount invested) at 9 percent interest will be $x
Amount(A) = P(1 + rt)
Time(t) = one year = 1
Amount at 6% interest = 2x(1 + 0.06) = $2.12x
Interest accumulated = Amount - Principal = $2.12x - $2x = $0.12x
Amount at 9% interest = x(1 + 0.09) = $1.09x
Interest accumulated = Amount - Principal = $1.09x - $x = $0.09x
Total interest = $7,266
So, $0.12x + $0.09x = $7,266
$0.21x = $7,266
x = = $34,600
The principal (amount invested) at 9 percent interest rate is $34,600
The principal (amount invested) at 6 percent interest rate is 2 × $34,600 = $69,200