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ZanzabumX [31]
3 years ago
9

The amount of $15,000 is invested in two funds paying 2% and 5% simple interest. If the annual interest is $540, how much of the

$15,000 is invested in each interest rate?
Mathematics
1 answer:
Lostsunrise [7]3 years ago
8 0

Answer:

The amount $15000 is divided as

in 2% = $7000

in 5% = $8000

Step-by-step explanation:

It is given that the total amount is $15000 and rates of interests are 2% and 5%.

<em>Let the amount invested in 2% be "x", so the amount invested in 5% is (15000 - x).</em>

The annual interest on x part is given as,

= (\frac{2}{100})(x)

Similarly, The annual interest on (15000 - x) part is given as,

=  (\frac{5}{100})(15000 - x)

the total annual interest is given as $540

Thus, <em>540 = (\frac{5}{100})(15000 - x) + (\frac{2}{100})(x)</em>

<em>54000 = 2(x) + 75000 - 5(x)</em>

<em>21000 = 3(x)</em>

x = \frac{21000}{3} = 7000

Thus the shares are $7000 and (15000 - 7000) $8000 .

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