Question

James invested some money at 6% interest. James also invested $211 more than 4 times that amount at 11%. How much is invested at each rate if James receives $1522.21 in interest after one year?

Answer 1

Let's call the amount invested at 6% interest "A".

The amount invested at 11% interest is 4 times the amount invested at 6% plus $211, so 4A + $211.

The total amount invested is A + 4A + $211 = 5A + $211.

The interest earned at 6% is 0.06 * A = 0.06A.

The interest earned at 11% is 0.11 * (4A + $211) = 0.44A + $23.21.

The total interest earned is 0.06A + 0.44A + $23.21 = 0.5A + $23.21.

We know that the total interest earned is $1522.21, so 0.5A + $23.21 = $1522.21.

Solving for A, we get: 0.5A = $1499 and A = $2998.

So, James invested $2998 at 6% interest and $4 * $2998 + $211 = $11983 at 11% interest.