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28 October, 22:06

8. Mr. Azu invested an amount at rate of 12% per annum and invested another amount, GH¢

580.00 more than the first at 14%. If Mr. Azu had total accumulated amount of

GH¢2,358.60, how much was his total investment?

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Answers (1)
  1. 28 October, 22:57
    0
    GH¢. 18098.46

    Step-by-step explanation:

    Let the first investment giving 12% interest per annum be Bank A

    Let the 2nd investment giving 10% per annum be bank B

    Let the first amount invested be

    GH¢. X and let the second amount invested be GH¢. X + 580

    Thus; In bank A;

    Principal amount in first = GH¢. x

    rate = 12 %

    time = 1 year

    Formula for simple interest = PRT/100

    Where P is principal, R is rate and T is time.

    So, interest in his investment = 12X/100 = 0.12X

    while in bank B;

    principal amount = GH¢. X + 580

    rate = 14%

    time = 1 yr

    So, interest in his investment = [ (X + 580) * 14]/100

    = 0.14 (X + 580)

    So, total accumulated interest is;

    0.12X + 0.14 (X + 580) = 0.12X + 0.14X + 81.2 = 0.26X + 81.2

    Now, we are given accumulated interest = GH¢. 2,358.60

    Thus;

    2358.60 = (0.26X + 81.2)

    2358.6 - 81.2 = 0.26X

    X = 2277.4/0.26

    X = 8759.23

    So,

    first amount invested = GH¢. 8759.23

    Second amount invested = GH¢. 8759.23 + GH¢. 580 = GH¢. 9339.23

    Total amount invested = GH¢. 8759.23 + GH¢. 9339.23 = GH¢. 18098.46
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