Problema Solution
An investor deposited some money at 1.7% annual interest, and two equal but larger amounts at 2.2% and 24%. The total amount invested was $26,000 and the total annual interest earned was $574. How much was invested at each rate?
Answer provided by our tutors
Let
x = the money invested at 1.7%
y = the money invested at 2.2%
y = the money invested at 24%
Since the total money invested was $26,000 we have:
x + 2y = 26000
The total annual interest was $574 means:
0.017x + 0.022y + 0.24y = 574
0.017x + 0.262y = 574
We have the following system of equations:
x + 2y = 26000
0.017x + 0.262y = 574
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click here to see the system of equations solved for x and y
........
x = $24,842
y = $578
$24,842 was invested at 1.7%
$578 was invested at 2.2% and another $578 was invested at 24%.