Question

james invested some money at 13% interest. James also invested $199 more than 3 times that amount at 12%. How much is invested at each rate if James receives $1561.50 in interest after one year? (Round to two decimal places if necessary.)

Answer 1

9514 1404 393

Answer:

• $3138 at 13%
• 9613 at 12%

Explanation:

Let x represent the amount invested at 13%. Then (3x+199) is the amount invested at 12%. The total interest earned in 1 year is ...

(13%)(x) +(12%)(3x+199) = 1561.50

0.49x +23.88 = 1561.50 . . . . simplify

0.49x = 1537.62 . . . . . . . . . . subtract 23.88

x = 3138 . . . . . . . . . . . . . . . . divide by 0.49

3x+199 = 9613

$3138 was invested at 13%; $9613 was invested at 12%.