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On a certain date, Jerry invested $10,000 at simple annual interest at
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06 Apr 2023, 03:54
06 Apr 2023, 03:54
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On a certain date, Jerry invested $10,000 at simple annual interest at the rate of 3 percent and a different amount at simple annual interest at the rate of 10 percent. What was the amount, in dollars that Jerry invested at an interest rate of 10 percent if the total interest earned on Jerryโs two investments in one year was $900?
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Re: On a certain date, Jerry invested $10,000 at simple annual interest at
[#permalink]
03 May 2023, 09:24
03 May 2023, 09:24
Expert Reply
OE
Given, Jerry Invested $10,000 at 3% simple Interest and a different amount (say $๐ ) at 10% simple interest. Total interest earned in one year on these two investments together is $900.
Since in the question he is talking about simple interest, so we use the formula of simple interest: ๐.๐ผ. =
๐ร๐ร๐ /100, where
๐ โPrincipal,
๐ โ rate of interest per period
๐ โ number of periods.
Now, using the above formula we get the simple interest earned by the investment $10,000 at the rate of 3% in 1 year as ๐ผ1 = 10,000 ร 1 ร 3/100 where ๐ = 10,000, ๐ = 1 year and ๐ = 3% per annum
Therefore, ๐ผ1= 300
Similarly, the interest earned by the investment of $๐ in another account invested at the rate of 10% in 1 year is given by, ๐ผ2 =๐ ร 1 ร 10/100 where ๐ = ๐, ๐ = 1 year and ๐ = 10% per annum
Therefore, ๐ผ2 = 0.1X
As said in the question, the total interest earned in one year on these two
investments together is $900.
Hence, ๐ผ1 + ๐ผ2 = 900
300 + 0.1๐ = 900
0.1๐ = 600
๐ = $6,000
Ans. $6,000
Given, Jerry Invested $10,000 at 3% simple Interest and a different amount (say $๐ ) at 10% simple interest. Total interest earned in one year on these two investments together is $900.
Since in the question he is talking about simple interest, so we use the formula of simple interest: ๐.๐ผ. =
๐ร๐ร๐ /100, where
๐ โPrincipal,
๐ โ rate of interest per period
๐ โ number of periods.
Now, using the above formula we get the simple interest earned by the investment $10,000 at the rate of 3% in 1 year as ๐ผ1 = 10,000 ร 1 ร 3/100 where ๐ = 10,000, ๐ = 1 year and ๐ = 3% per annum
Therefore, ๐ผ1= 300
Similarly, the interest earned by the investment of $๐ in another account invested at the rate of 10% in 1 year is given by, ๐ผ2 =๐ ร 1 ร 10/100 where ๐ = ๐, ๐ = 1 year and ๐ = 10% per annum
Therefore, ๐ผ2 = 0.1X
As said in the question, the total interest earned in one year on these two
investments together is $900.
Hence, ๐ผ1 + ๐ผ2 = 900
300 + 0.1๐ = 900
0.1๐ = 600
๐ = $6,000
Ans. $6,000
gmatclubot
Re: On a certain date, Jerry invested $10,000 at simple annual interest at [#permalink]
03 May 2023, 09:24
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