Question

8. Mr. Azu invested an amount at rate of 12% per annum and invested another amount. GHe

Answer 1

Answer:

GH¢.37480.36

Step-by-step explanation:

Let the amount invested at 12% per annum =GH¢.x

He  invested 580.00 more than the first at 14%.

Therefore:

The amount invested at 14% =GH¢.(x+580)

For each investment option:

Amount Accrued =Principal + Simple Interest

Amount Accrued at 12%

$=x+x*0.12\\=1.12x$

Amount Accrued at 14%

$=(x+580)+0.14(x+580)\\=x+580+0.14x+81.2\\=1.14x+661.2$

Mr. Azu had total accumulated amount of  GH42,358.60

Therefore:

1.12x+1.14x+661.2=42,358.60

2.26x=42,358.60-661.2

2.26x=41697.4

x=GH¢.18450.18

Therefore:

The amount invested at 12% per annum= GH¢.18450.18

The amount invested at 14% per annum= GH¢.18450.18+580

=GH¢.19030.18

Mr Azu's Total Investment = 18450.18 +19030.18

=GH¢.37480.36