Problema Solution
$6300 is invested, part of it at 12% and part of it at 6%. For a certain year, the total yield is $564.00. How much was invested at each year?
Answer provided by our tutors
let 'x' represent the amount invested at 12%, then '6300-x' represents the amount invested at 6%
interest = principal * rate * time
we take time = 1 year
564 = 0.12x + 0.06(6300-x)
solving for 'x' we have x=3100
6300-3100=3200
$3,100 was invested at 12%, $3,200 was invested at 6%