Problema Solution
Betty invested some money at 15% interest. Betty also invested 246 more than 3 times that amount at 11%. How much is invested at each rate if Betty receives 2203.38 in interest after one year?
Answer provided by our tutors
Let 'n' represent the amount of money that Betty invested at 15% interest. We can write:
.15n+.11(3n+246)=2203.38
Where '3n+246' is the amount that Betty invested at 11% interest. Using Algebrator to solve for n, we get:
n= $4534
Therefore:
3n+246= $13848
Therefore, Betty invested $4534 at 15% interest and $13848 at 11% interests.