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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
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Step-by-step solution
5 stepsDefine variables and set up the simple interest equations.
Let be the amount invested at and be the amount invested at .
The interest rate for the first account is .
The interest rate for the second account is .
The time period for both investments is .
The total interest earned is .
The formula for simple interest is .Express the relationship between and .
The problem states that the amount invested at () is of the amount invested at ().
Write the total interest equation.
The total interest is the sum of the interest from each account:
Substitute the known values:
Substitute in terms of into the total interest equation and solve for .
Calculate the products:
So the equation becomes:Now, solve for :
So, .
Calculate the amount invested at ().
Using the relationship :
The amount invested at is .
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