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Larry Mitchell invested part of his $22,000 advance at 2% annual simple interest and the rest at 6% annual simple interest if his total yearly interest from both accounts was $760 find the amount invested at each rate The amount invested at 2%The amount invested at 6%( please don’t need an detailed explanation just the answer)

Respuesta :

Larry Mitchell invested part of his $22,000 advance at 2% annual simple interest and the rest at 6% annual simple interest if his total yearly interest from both accounts was $760 find the amount invested at each rate

The amount invested at 2%

The amount invested at 6%

Let

x -----> amount invested at 2%

(22,000-x) -----> amount invested at 6%

we have that

x(0.02)+(22,000-x)(0.06)=760

solve for x

0.02x+1,320-0.06x=760

0.06x-0.02x=1,320-760

0.04x=560

x=14,000

(22,000-14,000)=8,000

therefore

amount invested at 2% -----> $14,000

amount invested at 6% -----> $8,000

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