Answer:
$3300 at 4%
$11700 at 7%
Step-by-step explanation:
Total investment = $15000
Total simple interest on investment = $951
Investment A:
Rate = 4% =0.04
Investment B:
Rate = 7% =0.07
Simple interest (S. I) = principal * rate * time
(S. I on investment A + S. I on investment B)
Let principal amount in investment A = A
principal amount in investment B = B
(A * 0.04 * 1) + (B * 0.07 * 1) = $951
0.04A + 0.07B = $951 - - - - (1)
A + B = $15000 - - - - (2)
from (2)
A = 15000 - B
Substitute A = 15000 - B into (1)
0.04(15000 - B) + 0.07B = 951
600 - 0.04B + 0.07B = 951
600 + 0.03B = 951
0.03B = 951 - 600
0.03B = 351
B = 351 / 0.03
B = $11700
From (2)
A + B = $15000
A + $11700 = $15000
A = $(15000 - 11700)
A = $3300
