Question

A total of $6000 is invested: part at 5% and the remainder at 15%. How much is invested at each rate if the annual interest is $660?

Answer 1

Amount invested at 15% is 3600

Amount invested at 5% is $ 2400

Explanation:

We can establish the following equation system with the help of the statement:

Let x is the amount invested at 15%

Then 6000 - x is the amount invested at 5%

`\begin{gathered} 0.15x+0.05(6000-x)=660 \\ \text{ Solving for x:} \\ 0.15x+300-0.05x=660 \\ 0.1x=660-300 \\ x=(360)/(0.1) \\ x=3600 \\ \text{ Thefore, the amount invested at 5\% is:} \\ 6000-3600=2400 \end{gathered}`

Therefore, the amount invested at 15% is 3600 and the amount invested at 5% is $ 2400