Sue invested $10,000, part at 5.1% annual interest and the balance at 6.3% annual interest. how much is invested at each rate if a 1-year interest payment is $582.72 answer

Question

Mathematics

Jorden Lloyd

4 February, 17:29

Sue invested $10,000, part at 5.1% annual interest and the balance at 6.3% annual interest. how much is invested at each rate if a 1-year interest payment is $582.72 answer

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Gavyn Small · Answer 1

Let a be the amount at 5.1% and b be the amount at 6.3% interest.

0.051a + 0.063b = 582.72 ... (1)

a + b = 10000

b = 10000 - a ... (2)

Plugging the expression for b from equation (2) into equation (1), we get:

0.051a + 0.063 (10000 - a) = 582.72 ... (3)

Expanding (3) and collecting like terms, we get:

0.012a = 47.28

a = 3940

b = 10000 - 3940 = 6060

The answer is: $3,940 invested at 5.1% and $6,060 invested at 6.3% interest.