Carla Invested $23,000, Part At 16% And Part At 15%. If The Total Interest At The End Of The Year Is $3,5000, How Much Did She Invest At 16%?

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Oddman Profile
Oddman answered
Let's say Carla invested amount $x at 16%. Then she invested amount ($23,000-x) at 15%. Her yield is
3500 = x*16% + (23000-x)*15% (write an equation expressing the problem facts)
3500 = x*16% + 23000*15% - x*15% (use the distributive property)
3500 = x*1% + 3450 (collect terms, perform the 15% calculation)
50 = x*1% (subtract 3450 from both sides)
50/1% = x (divide both sides by 1%)
5000 = x (perform the 1% calculation)

Carla invested $5000 at 16% interest.

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