Larry Mitchell invested part of his $12,000 advance at 4% annual simple interest and the rest at 5% annual simple interest. If his total yearly interest from both accounts was $520, find the amount invested at each rate. The amount invested at 4% is $ The amount invested at 5% is $

Larry Mitchell invested part of his $12,000 advance at 4% annual simple interest and the rest at 5% annual simple interest. If his total yearly interest from both accounts was $520, find the amount invested at each rate. The amount invested at 4% is $ The amount invested at 5% is $

Algebra for College Students

10th Edition

ISBN:9781285195780

Author:Jerome E. Kaufmann, Karen L. Schwitters

Publisher:Jerome E. Kaufmann, Karen L. Schwitters

Chapter11: Systems Of Equations

Section11.CR: Review Problem Set

Problem 36CR: Sara invested 2500, part of it at 4 and the rest at 6 yearly interest. The yearly income on the 6...

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Question

Larry Mitchell invested part of his $12,000 advance at 4% annual simple interest and the rest at 5% annual simple interest. If his total yearly interest from both
accounts was $520, find the amount invested at each rate.
The amount invested at 4% is $
The amount invested at 5% is $

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