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Lina20 [59]
3 years ago
9

larry mitchell invested part of his $27,000 advance at 2% annual simple interest and the rest at 6% annual simple interest. If h

is total yearly interest from both accounts was $860, find the amount invested at each rate
Mathematics
2 answers:
Studentka2010 [4]3 years ago
4 0

X=$4,000 INVESTED5%.

28,000-4,000=$24,000 INVESTED  3%.

Step-by-step explanation:

PROOF:

.05*4,000+.03*24,000=920

200+720=920

920=920

stiv31 [10]3 years ago
4 0

Answer:

  • $19000 at 2%, $8000 at 6%

Step-by-step explanation:

Let x is the amount at 2%, then 27000 - x is the amount at 6%.

<u>The total interest is:</u>

  • 0.02x + 0.06(27000 - x) = 860
  • 0.02x - 0.06x + 1620 = 860
  • 0.04x = 1620 - 860
  • 0.04x = 760
  • x = 760/0.04
  • x = 19000

<u>The amount at 6% is:</u>

  • $27000 - $19000 = $8000
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