Mr. Azu invested an amount at rate of 12% per annum and invested another amount, GH¢ 580.00 more than the first at 14%. If Mr. Azu had total accumulated amount of GH¢2,358.60, how much was his total investment?
Answers
Given : Mr. Azu invested an amount at rate of 12% per annum and invested another amount, GH¢ 580.00 more than the first at 14%. otal accumulated amount of GH¢2,358.60, after 1 year
To find : his total investment
Solution:
Amount invested at 12 % = P GH¢
Amount invested at 14 % = P + 580 GH¢
Assuming total accumulated amount of GH¢2,358.60 after 1 Year
=> P + P * 12 * 1/100 + P + 580 + (P + 580)* 14 * 1/100 = 2358.6
=> 2P + 0.12P + 0.14P + 81.2 = 1778.6
=> 2.26P = 1697.4
=> P = 751
total investment = 751 + 751 + 580 = 2082 GH¢
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