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Phyllis invested 47000 dollars, a portion earning a simple interest rate of 4 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 2200 dollars. How much money did she invest at each rate?

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Answer:

31000 dollars were invested at 4% interest rate.

16000 dollars were invested at 5% interest rate.

Step-by-step explanation:

Convert the interest rate into decimal and then write down two equations to solve for the unknowns.

[tex]\begin{bmatrix}0.04x+0.06y=2200\\ x+y=47000\end{bmatrix}[/tex]

[tex]\mathrm{The\:solutions\:to\:the\:system\:of\:equations\:are:}\\\\x=31000,\:y=16000[/tex]

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