1. Questions

math(urgent)

Mary invested $30,000 in two accounts some at 12% per annum and the rest at 8% per annum. Her total interest for one years was $ 3200.How much was invested at each rate ?

solution :

$3200=P1 (0.12)(1)+ (3000-P1)(0.08)(1)

P1= ?

P2= 30000-P1 ?

HOW to solve this because they have two answer:

$20,000 at 12%
$10,000 at 8%

  1. 👍
  2. 👎
  3. 👁
fizz

  1. well, of course they have two answers. They wanted to know the amount invested at each of two interest rates!

    So, what don't you understand? They gave you the equation. If P1 is invested at 12% (which is evident from the equation), then the rest of the money (30000-P1) was invested at 8%.

    Then just solve the equation for P1, and you get 20,000. The rest of the money (10,000) was invested at 8%.

    Now, if it's the mechanics of the equation, consider an equivalent one with less noise.

    2x + 3(10-x) = 22

    If you can do that, then you can do the one above.

    PS - I am not sure why they tossed in those (1) factors. Maybe because they want to explicitly note the amount of interest earned by 1 dollar.

    1. 👍
    2. 👎
    Steve

Respond to this Question

First Name

Your Response

Similar Questions

  1. algebra

    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? We have two unknowns: the amount of money invested at 9% and the

  2. Maths

    Mrs jasmine Invested $4000 in a building society which paid simple interest at a rate of 7.25% per annum to its investors. After 2 years, the rate was increased to 7.6% per annum. Find the amount she had T the end of 7 years

  3. acc 100

    Metzger Company compiled the following financial information as of December 31, 2010: Revenues $140,000 Metzger, Capital (1/1/10) 70,000 Equipment 40,000 Expenses 125,000 Cash 35,000 Metzger, Drawings 10,000 Supplies 5,000

  4. Math

    You invested $14,000 in two accounts paying 5% and 9% annual interest, respectively. If the total interest earned for the year was $820, how much was invested at each rate?

  1. Maths simple interest

    Q1)The length of time for $5000 to earn $1000 if invested at 10% per annum AND Q2)Khalid invests $6750 at 8.5% per annum.How much interest has he earned and what is the total amount in his account after 4 years? Umm thanks in

  2. Math

    Larry Mitchell invested part of his $27,000 advance at 5% annual simple interest and the rest at 2% annual simple interest. If his total yearly interest from both accounts was $720​, find the amount invested at each rate

  3. algebra

    You invested ​$27,000 in two accounts paying 2% and 3% annual​ interest, respectively.If the total interest earned for the year was $ 800, how much was invested at each​ rate?

  4. Accounting

    O' Hara Company began operations on December 1, 2011. Presented below is selected information related to O' Hara Company at December 31, 2011. Office Equipment ₤ 40,000; Utilities Expense ₤ 6,000; Cash 14,000; Accounts

  1. math

    four people invested in a restaurant. one person invested $1000,000. two others invested in the ratio x:2x, and the fourth person invested an amount equal to the other three investors combined. the total investment was $1,100,000.

  2. algebra

    Mary has a total of $5000 invested in two accounts. One account pays 5% and the other 8%. Her interest in the first year was $331. Write and solve a system of equations to find out how much she has invested in both accounts

  3. accounting

    On April 25, 2010, Bullseye Company purchased all of the outstanding common stock of Vista Company, paying $14,000,000. The book values and fair values of Vista's assets and liabilities acquired are shown below in dollar amounts:

  4. Math

    An investor receives a total of Rs.5,700 per annum in interest from 3 stocks yielding 4%, 5% and 8% per annum respectively. The amount at 4% is Rs.20,000 more than the amount invested at 5%, and the interest from the 8% investment

You can view more similar questions or ask a new question.