Robin invested a total of $12,000 in two investments, X and Y, so that the investments earned the same amount of simple annual interest. How many dollars did Robin invest in investment Y ? Investment X paid 3 percent simple annual interest, and investment Y paid 6 percent simple annual interest.

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heavenandholiness heavenandholiness · Answer 1 · 2020-03-23T04:02:45+01:00

Answer:

x = $8000, y = $4000

Explanation:

Simple interest = (Principal x Rate x Time) / 100,

where P is principal,

R rate of interest and

T is time

The scenario states that the two rate of interest are 3% and 6%

Therefore

So X*3*1 /100=Y*6*1/100.

or if we are to substitute x values for y

So X*3*1 /100 = (12000-X)*6*1/100

0.03x = 720 - 0.06x

0.09x = 720

x = $8000

and Y = 12000 - x which is 12000 - 8000 = $4000

To check

3% of 8000 =240

6% of 4000 = 240