James had his financial advisor invest $8500, part at 4% simple interest and the rest at 3.5% interest. At the end of a year he had earned $322.25 in interest. How much did he invest at each rate? I=Prt

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James had his financial advisor invest $8500, part at 4% simple interest and the rest at 3.5% interest. At the end of a year he had earned $322.25 in interest. How much did he invest at each rate? I=Prt

Expert Solution
Step 1

Simple interest formula : 

I = P×r×t

Where , 

P is principal value 

r is the rate of interest. 

t is time (years )  

 

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