The rate at 14% and 5% are $12, 883 and $2191 respectively.
<h3>How to determine the rate</h3>Given that;
Invested amount = $ 15, 074 at 14% and 5%
Let rate at 14% = x
rate at 5% = y
We have rate at 9% exceeds that of 5% by $1694. 07
Hence,
0. 14x = 0. 05y + $1694. 07 ⇒ equation 1
x + y = $15, 074 ⇒ equation 2
Make 'x' the subject
x =
Substitute in equation 2
Expand the expression
Collect like terms
Make 'y' the subject
y =
y =
Substitute the value in equation 2
x + y = $15, 074
x = $15, 074 - y
x =
x = $12, 883
Therefore , the rate at 14% and 5% are $12, 883 and $2191 respectively.
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