Question
Asked Feb 13, 2019
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emily kailyn received an inheritance of $208,000.00 from her grandfather and invested part at 10% interest and the rest at 4% interest. She earned $9,160.00 interest each year on his investment. How much did she invest at 4%?

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Expert Answer

Step 1

Follow below steps to obtain the answer: -

As we know that formula for calculating simple interest is as below: -

Simple interest on a sum of principal, P is S.I. = (P*R*t)/100

Where ‘R’ is rate of interest.

And ‘t’ is the time.

Let us consider that Emily Kailyn invested an ‘x’ amount of inherited money to a 10% interest.

So, the remaining money she has is equals to $208,000.00 – x which she invested at an interest of 4%.

Thus, we can calculate the amount she earned as simple interest after one year as below: -

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Step 2

It has been given to us that the amount she earned is equal to $9,160.00

Now, solve the equation (1) by substituting the value of amount earned equals to $9,160.00 and solve as below: -

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Step 3

Now, we can calculate the amount she inve...

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