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Hakim invested $15,000. He put part in a term deposit that paid 4% per annum, and the remainder in T - bills at 5% per annum. After one year the total interest earned was $690. How much did Hakim invest at each rate?

 Mar 3, 2022
 #1
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x ( .04)     + (15 000 - x) (.05)    = 690       solve for x  (the amount at 4%)     then the 5% amount is 15 000 - x

 

 

If you must have two variables

x = 4% amount

y = 5% amount  

x + y = 15000            y =   (15000 - x)

 

 

.04 x   +  .05 y = 690             now  y = 15 000 - x    sub that in

.04x   + .05 ( 15000 - x) = 690

 Mar 4, 2022
edited by ElectricPavlov  Mar 4, 2022

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