Question

Larry invested part of his $11,000 advance at 2% annual simple interest and the rest at 4%. If his total yearly interest from both accounts was $260 find the amount invested at each rate.

Answer 1

`Amount\ at\ 2 \%=9000`

`Amount\ at\ 4\% =2000`

Explanation:

From the question we are told that

Principle
`P=1000`

Rate 1
`r_1=2\%`

Rate 1
`r_2=4\%`

Total Interest
`I=\% 260`

Let

Amount at
`2 \%=x`

Amount at
`4\% =11000-x`

Generally the equation for the simple interest is mathematically given as

`(x*2*1)/(100) +((11000-x)*4*1))/(100) =260`

`2x+44000-4x=26000`

`2x-4x=26000-44000\\`

`2x=18000`

`x=9000`

`Amount\ at\ 2 \%=9000`

Therefore

Amount at
`4\% =11000-x`

Amount at
`4\% =11000-9000`

`Amount\ at\ 4\% =2000`