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Chapter 4: Q. 418 (page 485)

Arnold invested \(64,000,

some at 5.5% interest and the rest

at 9%. How much did he invest at

each rate if he received \)4,500 in

interest in one year?

Short Answer

Expert verified

He invested$36000at5.5%interest rate and for rest9%interest rate he invested$28000.

Step by step solution

01

Step 1. Given information.

Total amount invested =$64000

Interest at which investment will be done =5.5%and9%

Return after one year=$28000

02

Step 2. Write the concept.

Let x$be the amount invested with 5.5%and y$be the amount invested with 9%.

Therefore equation will be:

55x+90y=4500000

03

Step 3. Calculation.

55x+90y=4500脳1000........(1)x+y=64000..........(2)

Multiplying equation (2) by 90and subtracting with equation (1).

Solveforx:35x=1260000x=36000

Put the value of xin equation (1) :

Solvefory:55(36000)+90y=450000090y=2520000y=28000

04

Step 4. Check the values

Substituting the values of xandyin equation (2):

x+y=6400036000+2800064000=64000

which holds true.

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