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An amount was invested at 11% simple interest and another amount was invested at 10% simple interest. The amount invested at 11% was 140% of the amount invested at 10%. If the total interest earned af

Mathematics

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Answer

GH¢ 35,560\text{GH¢ 35,560}

Step-by-step solution

5 steps
  1. Define variables and set up the simple interest equations.

    Let P1P_1 be the amount invested at 11%11\% and P2P_2 be the amount invested at 10%10\%.
    The interest rate for the first account is R1=11%=0.11R_1 = 11\% = 0.11.
    The interest rate for the second account is R2=10%=0.10R_2 = 10\% = 0.10.
    The time period for both investments is T=312 years=3.5 yearsT = 3\frac{1}{2} \text{ years} = 3.5 \text{ years}.
    The total interest earned is Itotal=GH¢ 22,580.60I_{total} = \text{GH¢ } 22,580.60.
    The formula for simple interest is I=P×R×TI = P \times R \times T.

  2. Express the relationship between P1P_1 and P2P_2.

    The problem states that the amount invested at 11%11\% (P1P_1) is 140%140\% of the amount invested at 10%10\% (P2P_2).

    P1=140%×P2=1.4×P2P_1 = 140\% \times P_2 = 1.4 \times P_2
  3. Write the total interest equation.

    The total interest is the sum of the interest from each account:

    Itotal=(P1×R1×T)+(P2×R2×T)I_{total} = (P_1 \times R_1 \times T) + (P_2 \times R_2 \times T)

    Substitute the known values:

    22,580.60=(P1×0.11×3.5)+(P2×0.10×3.5)22,580.60 = (P_1 \times 0.11 \times 3.5) + (P_2 \times 0.10 \times 3.5)
  4. Substitute P1P_1 in terms of P2P_2 into the total interest equation and solve for P2P_2.

    22,580.60=(1.4P2×0.11×3.5)+(P2×0.10×3.5)22,580.60 = (1.4 P_2 \times 0.11 \times 3.5) + (P_2 \times 0.10 \times 3.5)

    Calculate the products:
    1.4×0.11×3.5=0.154×3.5=0.5391.4 \times 0.11 \times 3.5 = 0.154 \times 3.5 = 0.539
    0.10×3.5=0.350.10 \times 3.5 = 0.35
    So the equation becomes:

    22,580.60=0.539P2+0.35P222,580.60 = 0.539 P_2 + 0.35 P_2 22,580.60=(0.539+0.35)P222,580.60 = (0.539 + 0.35) P_2 22,580.60=0.889P222,580.60 = 0.889 P_2

    Now, solve for P2P_2:

    P2=22,580.600.889=25,400P_2 = \frac{22,580.60}{0.889} = 25,400

    So, P2=GH¢ 25,400P_2 = \text{GH¢ } 25,400.

  5. Calculate the amount invested at 11%11\% (P1P_1).

    Using the relationship P1=1.4P2P_1 = 1.4 P_2:

    P1=1.4×25,400P_1 = 1.4 \times 25,400 P1=35,560P_1 = 35,560

    The amount invested at 11%11\% is GH¢ 35,560\boxed{\text{GH¢ 35,560}}.

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