Concept explainers
Investments Phyllis invested $12,000, a portion earning a simple interest rate of
To find: The amount invested at interest rate
Answer to Problem 21E
The amount invested at
Explanation of Solution
Given:
Phyllis invested a portion of $12,000 at a rate of
The interest earned after 1 year is $525.
Calculation:
Let the amount invested at
Tabulate the given information into the language of algebra.
In words | In Algebra |
Amount invested at
| x |
Amount invested at 4% |
|
Interest earned at
| 0.045x |
Interest earned at 4% |
|
Model the equation for the above information.
Simplify the above equation for x,
The amount invested at 4% rate is,
Thus, the amount invested at
Chapter 1 Solutions
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