Phyllis invested 38000 dollars, a portion earning a simple interest rate of 5 percent per year and the rest...

Question

Phyllis invested 38000 dollars, a portion earning a simple interest rate of 5 percent per year and the rest earning a rate of 6 percent per year. After one year the total interest earned on these investments was 2070 dollars. How much money did she invest at each rate?
At rate 5 percent:
At rate 6 percent:

SnapAndSolve AI · Accepted Answer

Let x be the amount invested at 5% and y be the amount invested at 6%.

We have the following system of equations:

x + y = 38000
0.05x + 0.06y = 2070

From equation (1), y = 38000 - x.

Substitute y in equation (2):

0.05x + 0.06(38000 - x) = 2070

0.05x + 2280 - 0.06x = 2070

-0.01x = -210

x = 21000

Substitute x back into equation (1):

y = 38000 - 21000 = 17000

At rate 5 percent: 21000 dollars

At rate 6 percent: 17000 dollars

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Phyllis invested 38000 dollars, a portion earning a simple interest rate of 5 percent per year and the rest...

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