Question

larry invested part of his 20,000 advance at 4% annual simple interest and the rest at 5% annual simple interest. If his total yearly interest from both accounts was 820 find the amount invested at each rate

Answer 1

x= amount invested at 4%

Answer 2

20,000-x= amount invested at 4%

Answer 3

Good, and your simple interest is: I = Prt

Answer 4

Where P = principal value.

Answer 5

r = rate, t = time