Answer:
Rick Arico invested $4100 at a yearly rate of 7% and $900 at a yearly rate of 9%.
Explanation:
Let x represent the amount invested at 7% yearly rate and let y represent the amount invested at 9%.
$5000 was split and invested at 7% yearly rate and 9% yeatly rate. Therefore:
x + y = 5000 (1)
For the 7% yearly rate:
Interest = (x * 7%) = 0.07x
For the 9% yearly rate:
Interest = (y * 9%) = 0.09y
The total interest = interest for the 7% yearly rate + Interest for the 7% yearly rate = 0.07x + 0.09y
Given that the total interest earned in the year was $368, hence:
0.07x + 0.09y = 368 (2)
To find x and y, we have to solve equation 1 and equation 2 simultaneously. multiply equation 1 by 0.07 and subtract the result from equation 2 to get:
0.02y = 18
y = 18 / 0.02
y = $900
Substitute y = $900 in equation 2:
0.07x + 0.09(900) = 368
0.07x + 81 = 368
0.07x = 287
x = $4100
Therefore Rick Arico invested $4100 at a yearly rate of 7% and $900 at a yearly rate of 9%.