Answered

Larry invested part of his $11,000 advance at 2% annual simple interest and the rest at 4%. If his total yearly interest from both accounts was $260 find the amount invested at each rate.

Answer :

OKPALAWALTER8GO

Answer:

[tex]Amount\ at\ 2 \%=9000[/tex]

[tex]Amount\ at\ 4\% =2000[/tex]

Step-by-step explanation:

From the question we are told that

Principle [tex]P=1000[/tex]

Rate 1 [tex]r_1=2\%[/tex]

Rate 1 [tex]r_2=4\%[/tex]

Total Interest [tex]I=\% 260[/tex]

Let

Amount at [tex]2 \%=x[/tex]

Amount at [tex]4\% =11000-x[/tex]

Generally the equation for the simple interest is mathematically given as

[tex]\frac{x*2*1}{100} +\frac{(11000-x)*4*1)}{100} =260[/tex]

[tex]2x+44000-4x=26000[/tex]

[tex]2x-4x=26000-44000\\[/tex]

[tex]2x=18000[/tex]

[tex]x=9000[/tex]

[tex]Amount\ at\ 2 \%=9000[/tex]

Therefore

Amount at  [tex]4\% =11000-x[/tex]

Amount at  [tex]4\% =11000-9000[/tex]

[tex]Amount\ at\ 4\% =2000[/tex]

Go Question: Other Questions