Problema Solution
Jarvis invested some money at 14% interest. Jarvis also invested $190 more than 2 times that amount at 11%. How much is invested at each rate if Jarvis receives $923.42 in interest after one year?
Answer provided by our tutors
Let
x represent the amount of money invested at 14%
190 + 2x was invested at 11%
Jarvis receives $923.42 in interest after one year:
0.14x + 0.11*(190 + 2x) = 923.42
........
........
x = $2,507
190 + 2*2,507 = $5,204
$2,507 is invested at 14% interest.
$5,204 is invested at 11% interest.