Phyllis invested 66000 dollars, a portion earning simple interest rate of 5% per year and the rest earning a rate of 7% per year. after one year the total interest earned on these investments was $3980. how much money did she invest at each rate?

Physliis invested 32000 dollar at 5% interest rate and 34000 dollar at 7% interest rate.

Solution:

Let Phyllis invest ‘x’ dollar at 5% per year and (66000-x) dollar at 7% per year.

We know,

In the question it is given that Simple interest earned from both the investments at the end of the year is $3980.

Using the given below equation, we will try to find out the investments at each rate.

x = 32000

We can calculate amount for 7% interest rate by,

(66000-32000) =34000

Thus Phyllis invested 32000 dollar at 5% interest rate and 34000 dollar at 7% interest rate.

question:

could we have options?

10

step-by-step explanation:

7+3=10