Problema Solution
ellen invest $18000 in 2 funds paying 9.25% and 10.5%simple interest.how much is invested at 9.25% if the total yearly interest is $1827.50?
Answer provided by our tutors
let
x = the amount invested at 9.25% interest, x>0
y = the amount invested at 10.5% interest, y>0
Ellen invest $18000 in 2 funds:
x + y = 18000
the total yearly interest is $1827.50:
0.0925x + 0.105y = 1827.50
by solving the system of equations:
x + y = 18000
0.0925x + 0.105y = 1827.50
we find:
x = $5,000
y = $13,000
click here to see the step by step solution of the system of equations:
$5,000 are invested at 9.25%.