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1) Nina received an inheritance of $12500 from her grandmother. She invested part of it at 5%
interest, and she invested the remainder at 8%. If the total yearly interest from both investments
was $960, how much did she invest at each rate?

Respuesta :

fichoh

Using the principle of simple interest, the amount invested at the given rates are :

  • Investment at 5% = $1333.33
  • Investment at 8% = $11,166.667

Let :

  • Amount invested at 5% = p

  • Amount invested at 8% = 12500 - p

Recall :

Simple interest = principal × rate × time

  • Total interest earned = 960

This means ;

Interest at 5% + Interest at 8% = 960

(p × 5% × 1) + ((12500 - p) × 8% × 1) = 960

0.05p + 1000 - 0.08p = 960

-0.03p = 960 - 1000

-0.03p = - 40

p = - 40 ÷ - 0.03

p = $1333.333

Therefore,

  • Investment at 5% = $1333.33
  • Investment at 8% = $12500 - 1333.33 = $11,166.667

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