Question

Mr. Azu invested an amount at rate of 12% per annum and invested another amount, GH¢ 580.00 more than the first at 14%. If Mr. Azu had total accumulated amount of GH¢2,358.60, how much was his total investment?

Answer 1

GH¢2082.12

Explanation:

Let "a" represent the amount invested at 12%. Then (a+580) is the amount invested at 14%. The total amount invested (t) is ...

t = (a) +(a +580) = 2a+580

Solving for a, we get

a = (t -580)/2

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The accumulated amount from the investment at 12% is 1.12a. And the accumulated amount from the investment at 14% is 1.14(a+580). Together, these accumulated amounts total GH¢2358.60.

1.12(t -580)/2 +1.14((t -580/2 +580) = 2358.60

0.56t -0.56(580) +0.57t -0.57(580) +1.14(580) = 2358.60 . . . remove parens

1.13t + 5.8 = 2358.60 . . . . . . . . . simplify

1.13t = 2352.80 . . . . . . . . . . . . . . subtract 5.8

t = 2352.80/1.13 = 2082.12 . . . . divide by the coefficient of t

Mr. Azu's total investment was GH¢2082.12.