Mitchell invested part of his $ 35 comma 000$35,000 advance at 4 %4% annual simple interest and the rest at 9 %9% annual simple interest. If his total yearly interest from both accounts was $ 3 comma 100$3,100 , find the amount invested at each rate.

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Business

Kinsley

22 February, 23:08

Mitchell invested part of his $ 35 comma 000$35,000 advance at 4 %4% annual simple interest and the rest at 9 %9% annual simple interest. If his total yearly interest from both accounts was $ 3 comma 100$3,100 , find the amount invested at each rate.

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Short Shorts · Answer 1

Amount Invested at 4% $35,000

Amount Invested at 9% $18,889

Explanation:

We know $3,100 is the sum of interest from both investment and Interest is calculated by multiplying the rate of interest to relevant Invested amount.

Let

Amount invest at 4% = $35,000

Amount invested at 9% = Y

According to given condition

($35,000 x 4%) + (Y x 9%) = $3,100

1,400 + 0.09Y = $3,100

0.09Y = $3,100 - $1,400

0.09Y = $1,700

Y = $1,700 / 0.09

Y = $18,889