Question

larry mitchell invested part of his $27,000 advance at 2% annual simple interest and the rest at 6% annual simple interest. If his total yearly interest from both accounts was $860, find the amount invested at each rate

Answer 1

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

Answer 2

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%.

The total interest is:

• 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

The amount at 6% is:

• $27000 - $19000 = $8000