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Sherrie invested some money at 6% interest. Sherrie also invested $249 more than 4 times that amount at 12%. How much is invested at each rate if Sherrie receives $988.92 in interest after one year? (Round to two decimal places if necessary.)

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sqdancefan

Answer:

  • 6%: $1776
  • 12%: $7353

Step-by-step explanation:

Let x represent the amount invested at 6%. Then the amount invested at 12% is 4x+249. Sherrie's interest is ...

  0.06x +0.12(4x +249) = 988.92

  0.54x + 29.88 = 988.92

  0.54x = 959.04

  x = 959.04/0.54 = 1776

  4x+249 = 7353

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Sherrie invested $1776 at 6% and $7353 at 12%.

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