Question

16)Bonzo invests some money at 2% interest. He also invests $1700 more than twice that
amount at 4% interest. At the end of one interest period, the total interest earned was
$278. How much was invested at each rate?

Answer 1

Answer:

invested @2%= 2100

invested @4%=3900

Step-by-step explanation:

let the amount invested at 2% be X

Interest amont due to X = X * 2/100

amount invested at 4% = 2X+1700

interest amount @4% = (2X+1700)* 4/100

total interest after interest period = 278

278= X*2/100 + (2X+1700)"4/100

278*100= X*2+(2X+1700)*4

27800=2X+8X+6800

27800=10X+6800

27800-6800=10X

21000=10X

X= 21000/10=2100

amount invested @2%= 2100

amount invested @4%= 2100*2+1700=3900