Question

Phyllis invested 68000 dollars, a portion earning a simple interest rate of 5% per year and the rest earning a rate of 6% per year. After one year the total interest earned on these investments was 3710 dollars. How much money did she invest at each rate? At rate 5%: At rate 6%:

Answer 1

68,000$, sum at 5% & sum at 6%, interest=3,710$... 3710/68,000 giv averaej interest=5.455%... 1. 0.05*x +0.06*y=3,710... 2. x+y=68,000, so y=68,000 -x... 0.05x +0.06*(68000-x) = 3,710$... 0.05x -0.06x +4,080=3,710... 0.01x=4080-3710=370... x=37,000$... y=31,000$... 37,000$ at 5%=1,850$... 31,000$ at 6%=1,860$