A man earns 112$ interest in one year on an investment of $1400 what is the rate of his interest
1 answer:
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Answer:
The amount invested at 5% was $39,000 and the amount invested at 7% was $11,000
Step-by-step explanation:
we know that
The simple interest formula is equal to
where
I is the Final Interest Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
Let
x-----> the amount invested at 5%
50,000-x -----> the amount invested at 7%
so
substitute in the formula above
solve for x
therefore
The amount invested at 5% was $39,000 and the amount invested at 7% was $11,000