kim won 60,000 dollars. she invested part at 2 percent interest and the rest at 3 percent interest. if she earned total of 1600 dollars in interest. how much was invested at each rate?
To determine how much Kim invested at each interest rate, we can set up a system of equations.
Let's assume Kim invested x dollars at 2% interest rate.
This means she invested (60000 - x) dollars at 3% interest rate because she won a total of 60,000 dollars.
Now we can calculate the interest earned from each investment:
Interest earned from the 2% investment is 0.02x dollars.
Interest earned from the 3% investment is 0.03(60000 - x) dollars.
Since the total interest earned is given as $1600, we can set up the following equation:
0.02x + 0.03(60000 - x) = 1600
Solving this equation will give us the value of x and (60000 - x), representing the amount Kim invested at each rate.