Kim T.

asked • 09/12/14

Find the amount invested at each rate

Larry Mitchell invested part of his $17000 advance at 5% annual simple interest and the rest 6% annual simple interest. If his total yearly interest from both accounts was $870, find the amount invested at each rate.

Dattaprabhakar G.

Interest on $17000 at 5% = $850
If the other investment is $2000, the interest at 6% = $120;
Total interest = $850+$120 = $970 (not $870 as given).
Report

09/12/14

Phillip R.

Dr. G
i believe you are reading the question in a way not intended. They want the total 17,000 split between the two rates, 5% and 6% in such a way that total simple interest is $870 from both investments combined. 
Regards
Dr. R
Report

09/13/14

Dattaprabhakar G.

Phillip:
 
You are right! Thanks for correcting me.
 
Dr. G.
Report

09/13/14

3 Answers By Expert Tutors

By:

Dattaprabhakar G. answered • 09/12/14

Tutor
5 (2)

Expert Tutor for Stat and Math at all levels

Still looking for help? Get the right answer, fast.

Ask a question for free

Get a free answer to a quick problem.
Most questions answered within 4 hours.

OR

Find an Online Tutor Now

Choose an expert and meet online. No packages or subscriptions, pay only for the time you need.