Katie invested a total of $4000, part at 2% simple interest and part at 3% simple interest. At the end of 1 year, the inves
tments had earned $90 interest. How much was invested at each rate?
1 answer:
Answer:
$3000
$1000
Step-by-step explanation:
the formula for simple interest = principal x time x interest rate
let the amount invested in the 2% investment be a
let the amount invested in the 3% investment be (4000 - a)
(a x 0.02 x 1) + ([4000 - a] x 0.03 x 1) = $90
0.02a + 120 - 0.03a = 90
Collect like terms and solve for a
0.01a = 30
a = $3000
The amount invested in the 3% investment be (4000 - a) = $4000 - $3000 = $1000
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