Asked by Kim
A total of $12,000 is invested in two funds paying 9% and 11% simple interest. If the yearly interest is $1,180, how much of the $12,000 is invested at each rate?
There seems to be a decimal in this problem if so how do I get rid of it verifying x,y?
There seems to be a decimal in this problem if so how do I get rid of it verifying x,y?
Answers
Answered by
Steve
If x is invested at 9%, 12000-x is invested at 11%. So, adding up the interest,
.09x + .11(12000-x) = 1180
x = 7000
.09x + .11(12000-x) = 1180
x = 7000