Phyllis invested 49000 dollars, a portion earning a simple interest rate of 4 percent per year and the rest earning a rate of 7 percent per year. After one year the total interest earned on these investments was 2320 dollars. How much money did she invest at each rate?

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 22P
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Phyllis invested 49000 dollars, a portion earning a simple
interest rate of 4 percent per year and the rest earning a
rate of 7 percent per year. After one year the total interest
earned on these investments was 2320 dollars. How much
money did she invest at each rate?
At rate 4 percent :
At rate 7 percent :
Transcribed Image Text:Phyllis invested 49000 dollars, a portion earning a simple interest rate of 4 percent per year and the rest earning a rate of 7 percent per year. After one year the total interest earned on these investments was 2320 dollars. How much money did she invest at each rate? At rate 4 percent : At rate 7 percent :
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