Answer:
Step-by-step explanation:
Let x represent the amount on deposit at 12%. Then 5900-x is the amount deposited at 6%, and the total interest earned is ...
12%·x +6%·(5900 -x) = 540
0.06x + 354 = 540 . . . . . . . . eliminate parentheses
0.06x = 186 . . . . . . . . . . . . . . subtract 354
x = 3100 . . . . . . . . . . . . . . . . . divide by 0.06
Scott invested $3100 at 12% and $2800 at 6%.
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<em>Quick sanity check</em>
The average interest earned is $540/$5900 ≈ 0.0915 ≈ 9.15%. This is more than the average of 12% and 6%, which is (12+6)/2 = 9 percent. Hence more than half of the money must be deposited at 12%.
