Phyllis invested 50000 dollars, a portion earning a simple interest rate of 4 percent per year and the rest earning a rate of 7 percent per year. After one year the total interest earned on these investments was 2900 dollars. How much money did she invest at each rate? At rate 4 percent : At rate 7 percent :
Phyllis invested 50000 dollars, a portion earning a simple interest rate of 4 percent per year and the rest earning a rate of 7 percent per year. After one year the total interest earned on these investments was 2900 dollars. How much money did she invest at each rate? At rate 4 percent : At rate 7 percent :
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Transcribed Image Text:Phyllis invested 50000 dollars, a portion earning a simple interest rate of 4 percent per
year and the rest earning a rate of 7 percent per year. After one year the total interest
earned on these investments was 2900 dollars. How much money did she invest at
each rate?
At rate 4 percent :
At rate 7 percent :
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