Question

1. Connor had $91.00 to invest. Part was invested at 16% and the rest at 14%. After one year, the total interest earned was $13.74. How much did he invest at each percent?answer QUICKLY please

Answer 1

Let x amount is invested at 16% rate, then remaining amount (91 - x) is invested in 14% rate.

Determine the intrest earned at 16% rate and at 14% rate after one year.

$\begin{gathered} I_{16}=\frac{16}{100}\times x\times1 \\ =\frac{16x}{100} \end{gathered}$

For 14% rate,

$\begin{gathered} I_{14}=\frac{14}{100}\times(91-x)\times1 \\ =\frac{14(91-x)}{100} \end{gathered}$

The sum of the intrest is equal to 13.74. So,

$\begin{gathered} \frac{16x}{100}+\frac{14(91-x)}{100}=13.74 \\ 16x+1274-14x=13.74\cdot100 \\ 2x=1374-1274 \\ x=\frac{100}{2} \\ =50 \end{gathered}$

So $50 is invested at 16% rate.

Determine the invest amount in 14% rate.

$\begin{gathered} 91-x=91-50 \\ =41 \end{gathered}$

So invest amount in 14% rate is $41.

Thus answer is,

At rate of 16%: $50

At rate of 14%: $41