Answer:
Kindly check explanation
Explanation:
Given the following :
Total Planned amount to invest = 15,000
Investment A:
Rate = 4% = 0.04
Principal = a
Investment B:
Rate = 2% = 0.02
Principal = b
Total interest earned = $360
Simple interest = principal * rate * time
Simple interest on A + simple interest on B = $360
a + b = 15,000 - - - (1)
(a * 0.04) + (b * 0.02) = 360
0.04a + 0.02b = 360 - - - (2)
a = 15000 - b
0.04(15000 - b) + 0.02b = 360
600 - 0.04b + 0.02b = 360
-0.02b = 360 - 600
-0.02b = - 240
b = 240 / 0.02
b = $12000
a = 15000 - b
a = 15000 - 12000
a = $3000