You invested twice as much money at 6% as you did at 7%. After one year, your earnings at 6% were P95 more than your earnings at 7%. The amount invested at 7% rate _____________ and at 6% rate is ________________.
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Given : invested twice as much money at 6% as you did at 7%. After one year, earnings at 6% were P95 more than your earnings at 7%.
To Find : The amount invested at 7% rate
The amount invested at 6% rate
Solution:
invested at 7 % = 100P
invested at 6 % = 200P
Interest at 7 % after one year = 100P * 7 * 1 /100 = 7P
Interest at 6 % after one year = 200P * 6 * 1 /100 = 12P
12P - 7P = 95
=> 5P = 95
=> P = 19
invested at 7 % = 100P = 1900
invested at 6 % = 200P = 3800
The amount invested at 7% rate 1900 and at 6% rate is 3800
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