Question

Phyllis invested $8,000, a portion earning a simple interest rate of 3 1/5 % per year...

Phyllis invested $8,000, a portion earning a simple interest rate of 3 1/5 % per year and the rest earning a rate of 3% per year. After one year the total interest earned on these investments was $254.00. How much money did she invest at each rate?

at 3 1/5 % per year $ ___________

at 3% per year $______________

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1-Phyllis invested $13,000, a portion earning a simple interest rate of 5.20% per year and the...
1-Phyllis invested $13,000, a portion earning a simple interest rate of 5.20% per year and the rest earning a rate of 5% per year. After one year the total interest earned on these investments was $666.00. How much money did she invest at each rate? 2-Helen earns $7.50 an hour at her job, but if she works more than 35 hours in a week, she is paid 1 1/2 times her regular salary for the overtime hours worked. One week...
1. Calculate the future value of an investment worth $2800 that pays 1.5% simple interest rate...
1. Calculate the future value of an investment worth $2800 that pays 1.5% simple interest rate after 4 years. 2. Derek invested $1000. What would that money grow to in 18 months at a 5% annual simple interest rate? 3. If I put $2500 into my saving account and earned $250 of interest at 5% annual simple interest, how long was my money in the bank? 4. Geneva wants to save $12,000 to buy a new car. She just received...
Last year, Hong had $30,000 to invest. He invested some of it in an account that...
Last year, Hong had $30,000 to invest. He invested some of it in an account that paid 7% simple interest per year, and he invested the rest in an account that paid 8% simple interest per year. After one year, he received a total of $2210 in interest. How much did he invest in each account?
1. a) I invested $5,000 into an account earning 5% interest compounded monthly and left it...
1. a) I invested $5,000 into an account earning 5% interest compounded monthly and left it there for 5 years. After the 5 years were up I transferred the money from that account into a new account that earned 6% interest compounded quarterly for the next 10 years. How much total money would I have at the end of the 15 years? b) If I had left the $5,000 in the initial account earning 5% compounded monthly how long, to...
A mother wants to invest $5000 for her son's future education. She invests a portion of...
A mother wants to invest $5000 for her son's future education. She invests a portion of the money in a bank certificate of deposit (CD account) which earns 4% and the remainder in a savings bond that earns 7%. If the total interest earned after one year is $300.00, how much money was invested in the CD account? The total interest earned after one year is $300.00. How much money was invested in the CD account? $______
3 year(s) ago, Vivian invested 38,683 dollars. She has earned and will earn compound interest of...
3 year(s) ago, Vivian invested 38,683 dollars. She has earned and will earn compound interest of 11.87 percent per year. In 3 year(s) from today, Vince can make an investment and earn simple interest of 13.17 percent per year. If Vince wants to have as much in 7 years from today as Vivian will have in 7 years from today, then how much should Vince invest in 3 year(s) from today? 2 year(s) ago, Liam invested 64,777 dollars. He has...
A woman invested a $23,700 rollover IRA account in three banks paying 5%, 6%, and 7%...
A woman invested a $23,700 rollover IRA account in three banks paying 5%, 6%, and 7% annual interest. She invested $1,100 more at 6% than at 5%. The total annual interest she earned was $1,471. How much did she invest at each rate? Amount Invested at 5% Amount Invested at 6% Amount Invested at 7% Amount Invested at 8%
A mother wants to invest $7000 for her son's future education. She invests a portion of...
A mother wants to invest $7000 for her son's future education. She invests a portion of the money in a bank certificate of deposit (CD account) which earns 4% and the remainder in a savings bond that earns 7%. If the total interest earned after one year is $420, how much money was invested in the CD account? Round to the nearest cent if necessary.
Travis invested $8,000 in an account that pays 4 percent simple interest. How much more could...
Travis invested $8,000 in an account that pays 4 percent simple interest. How much more could he have earned over a 7-year period if the interest had compounded annually? Solve using Excel Formulas
Santiago receives ?$280 per year in simple interest from three investments. Part is invested at? 2%,...
Santiago receives ?$280 per year in simple interest from three investments. Part is invested at? 2%, part at? 3%, and part at? 4%. There is? $500 more invested at? 3% than at? 2%. The amount invested at? 4% is six times the amount invested at? 3%. Find the amount invested at each rate. The amount invested at? 2% is The amount invested at? 3% is The amount invested at? 4% is