Question

A total of $6000 is invested, part at 6%and the remainder at 8%. How much is invested at each rate if the annual interest is $430? Help:)?

Answer 1

Step 1:

The total investment is $6000.

Let the investment at 6% interest is x.

The remaining amount invested at 8% is .

The investments are made for one year.

Using simple interest formula .

Where P  is principal investment,

            T  is time,

            R  is rate of interest.

Step 2:

Using simple interest after one year :

But the earned annual interest after one year is $430.

So $2500 invested at rate 6%.

The remaining $3500 invested at rate 8%.

Solution :

$2500 invested at rate 6%.

$3500 invested at rate 8%.