Question

Help please!

Phyllis invested $9,000, a portion earning a simple interest rate of 8
1
4
%
per year and the rest earning a rate of 8% per year. After 1 year the total interest earned on these investments was $737.5. How much money did she invest at each rate?

Answer 1

rate of 8 1/4%

Answer 2

Im closing this but I still need the help. THank you!

Answer 3

total amount of money = 9,000
portion at simple interest rate of 8.25 % = x
portion at simple interest rate of 8% = 9,000 - x

After 1 year:

x* 8.25% + (9,000 - x)*8% = 737.5
x * (8.25/100) + (9,000 - x) * 8/100 = 737.5
8.25 x + (9,000 - x) * 8 = 73750
8.25 x + 72,000 - 8 x = 73750
0.25 x = 73750 - 72000
0.25 x = 1,750
x = 7,000

Answer 4

so 7000 for 8.25 and 2000 for 8%?

Answer 5

Yes.

Answer 6

Thats what I got too but its incorrect

Answer 7

Really? Why? What's the correct solution?

Answer 8

Are you sure you didn't just forgot a number in the enunciate?

Answer 9

I got it thanks!!

Answer 10

You're welcome. :)