To evaluate the amount invested at the rate of 6% and 3% respectively.
Answer to Problem 30E
Amount invested at the rate of 6% = $10,000
Amount invested at the rate of 3% = $8,000
Explanation of Solution
Given information:
Total amount invested = $18000
Rates of simple interest = 6% and 3%
Total yearly interest = $840
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 6% and 3% respectively, the equation can be obtained as,
When yearly interest at 6%,
When yearly interest at 3%,
Total yearly interest
Therefore,
After separating variables of equation
Substituting the expression obtained for x from equation ( iii ) into equation ( ii )
Now substituting the value of y in equation
Amount invested at the rate of 6% and 3% is $10,000 and $8,000 respectively.
Chapter 7 Solutions
Precalculus with Limits: A Graphing Approach
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