You invest some money at 2% and 1000 more than twice this amount at 4%. If the total annual interest was $240, how much did you invest at ea

Question

You invest some money at 2% and 1000 more than twice this amount at 4%. If the total annual interest was $240, how much did you invest at each percent?

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Piper 4 months 2022-01-01T15:49:18+00:00 2 Answers 0 views 0

Answers ( )

    0
    2022-01-01T15:50:49+00:00

    Answer:

    Amount invested in;

    2% rate x = $2000

    4% rate (2x+1000) = $5000

    Step-by-step explanation:

    Let x represent the amount invested in 2% rate;

    The amount invested in 4% rate = 2x + 1000

    Given;

    Annual interest = $240

    Annual interest for 2% rate;

    0.02 × x = 0.02x

    Annual interest for 4% rate;

    0.04 × (2x+1000) = 0.08x + 40

    Total annual interest is;

    0.02x + 0.08x + 40 = 0.10x + 40

    Equating to the given value;

    0.10x + 40 = 240

    0.10x = 240-40 = 200

    x = 200÷0.10

    x = $2000

    And

    2x +1000 = 2(2000) + 1000 = $5000

    Amount invested in;

    2% rate x = $2000

    4% rate (2x+1000) = $5000

    0
    2022-01-01T15:50:55+00:00

    Answer:

    $2000 at 2% and $5000 at 4%

    Step-by-step explanation:

    Let’s call the amount invested at 2% ‘X’, so the amount invested at 4% is 2X+1000.

    Then, if the total annual interest is 240, we have that:

    X * 2% + (2X+1000) * 4% = 240

    0.02X + 0.08X + 40 = 240

    0.1X = 200

    X = 200/0.1

    X = $2000

    If X is $2000, the second value is 2X+1000 = $5000

    So it was invested $2000 at 2% and $5000 at 4%.

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