Question

14,246 is invested, part at 13% and the rest at 12%. If the interest earned from the amount invested at 13% exceeds the interest earned from the amount invested at 12% by $318.23, how much is invested at each rate? (Round to two decimal places if necessary

Answer 1

The amount of money invested at 13% was $8111, while $6135 was invested at 12%.

What is an equation?

An equation is an expression that shows the relationship between two or more numbers and variables.

Let x represent the amount invested at 13% and y represent the amount invested at 12%, hence:

x +  y = 14246   (1)

Also:

0.13x = 0.12y + 318.23  (2)

Hence:

x = 8111, y = 6135

The amount of money invested at 13% was $8111, while $6135 was invested at 12%.

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