Question

James Invested some money at 5 % Interest. James also invested $221 more than 2 times that amount at 7%. How much is invested at each rate if James receives

$850.52 in interest after one year? (Round to two decimal places if necessary.)

Answer 1

9011

Explanation:

Interest = Principal x Rate x Time

Okay, let's break this down step-by-step:

* James invested some money at 5% interest

* He also invested $221 more than 2 times that amount at 7%

* So if the amount invested at 5% is x:

** The amount invested at 7% is 2x + 221

* After 1 year, James received $850.52 in total interest

* Interest earned at 5% is 0.05x

* Interest earned at 7% is 0.07(2x + 221)

* Set up an equation:

0.05x + 0.07(2x + 221) = 850.52

0.05x + 0.14x + 15.47 = 850.52

0.19x + 15.47 = 850.52

0.19x = 835.05

x = $4,395.00

* Therefore, amount invested at 5% is $4,395.00

* Amount invested at 7% is 2*$4,395 + $221 = $8,790.00 + $221 = $9,011

So the amount invested at 5% interest is $4,395.00 and the amount invested at 7% is $9,011.00.

claudeAI