The amount invested at each rate
Investment at 7% = $25000
Investment at 2% = $11,000
<h3>What is investment?</h3>
Investment definition is an asset acquired or invested in to build wealth and save money from the hard earned income or appreciation.
Given:
Larry Mitchell invested = $36,000 at 7% annual simple interest
the rest at 2% annual simple interest.
Total investment = 36000
let the investment at 7% is x
then, invested at 2% = 36000 - x
Total interest earned = $1,970
Simple interest = principal * rate * time
Investment at 4%:
(x * 0.07) + [(36000 - x) * 0.02] = 1970
0.07x + 720 - 0.02x= 1970
0.05x = 1970-720
0.05x = 1250
x= 25000
Hence,
Investment at 7% = $25000
Investment at 2% = $36,000 - $25000 = $11,000
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