Problema Solution
kim won 60,000 dollars. she invested part at 2 percent interest and the rest at 3 percent interest. if she earned total of 1600 dollars in interest. how much was invested at each rate?
Answer provided by our tutors
Let the investment be $x and $(60000-x)
So,x*2/100 + (60000-x)*3/100 =1600
Or,2x+180000-3x=160000
Or, x=20000
Hence, the investment will be $20000 at 2% and $40000 at 3%.