Question

A total of $5000 is invested part of 6% and the remainder at 12% how much is invested at each rate if the annual interest is $480

Answer 1

for 12% it would be $3,000

And, for 6% it would be $2,000

Explanation:

The computation of the amount invested at each rate is shown below:

Let us assume the amount invested at 12% be x

So, the $5,000 - x be invested at 6%

The total interest earned is $480

So the equation would be

0.12x + 0.06($5,000 - x) = $480

0.12x + $300 - 0.06x = $480

0.06x = $80

x = $3,000

So for 12% it would be $3,000

And, for 6% it would be $2,000