To evaluate the amount invested at the rate of 2.75% and 4.25% respectively.
Answer to Problem 32E
Amount invested at the rate of 2.75% = $5,400
Amount invested at the rate of 4.25% = $12,600
Explanation of Solution
Given information:
Total amount invested = $18000
Rates of simple interest = 2.75% and 4.25%
Total yearly interest = $684
Formula used:
Simple interest formula:
Here, i = interest, t = time(years), r = rate of interest, p = principal amount.
Calculation:
Considering x and y be the amount invested at 2.75% and 4.25% respectively.
Yearly interest at 2.75%
Yearly interest at 4.25 %
Total yearly interest
Therefore,
After separating variables of equation
Substituting the expression obtained for x from equation
Now substituting the value of y in equation
Amount invested at the rate of 2.75% and 4.25% is $5,400 and $12,600 respectively.
Chapter 7 Solutions
Precalculus with Limits: A Graphing Approach
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