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24 April, 08:21

George invested $2000 at two different rates, 5% and 6%. If his total interest income was $106 how much did he invest at each rate?

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  1. 24 April, 08:56
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    Given:

    Total investment = $2000

    rate 1 = 5%

    rate 2 = 6%

    Total interest income = $106

    let x = investment at 5%

    2000 - x = investment at 6%

    $106 = A1 + A2

    A = P (i (1+i) ^n / (1+i) ^n - 1)

    Assume n = 1

    Solve for x.
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