Eva invested a certain amount of money at 9% interest and $1600 more than that amount at 11%. Her total yearly interest was $760. How much did she invest at each rate?

Answer 1

Let x = amount at 9% and y = amount at 11%

y = x + 1600

.09x + .11y = 760

Substitute x + 1600 for y in the second equation and solve for y. Put that value in first equation to find x. To check, put both values in second equation.

Answer 2

2920