A wedding at Boone Hall Plantation costs $22,200 for 120 people. How much does Boone Hall charge per guest?
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The amount invested in each rate are $14500 and $12500 respectively;
Let the amount invested in each be P1 and P2
Let the individual interest be I1 and I2 respectively;
I1 = P1R1T/100
I2 = P2R2T/100
If a total of $27,000 is invested, then;
P1 + P2 = 27000 ........... 1
If the total interest after one year is $3385, then;
I1 + I2 = 3385
Solving equations 1 and 2 simultaneously;
P1 + P2 = 27000 ........... 1 * 12
12P1 + 13P2 = 338500 ........... 2 * 1
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12P1 + 12P12 = 324000
12P1 + 13P2 = 338500 ...
Subtract both equations
12P2 - 13 P2 = 324000 - 338500
-P2 = -14500
P2 = 14500
Recall that P1 + P2 = 27000
P1 = 27000 - P2
P1 = 27000 - 14500
P1 = 12500
Hence the amount invested in each rate are $14500 and $12500 respectively;
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