Phyllis invested 800 dollars into two different accounts, a portion earning a yearly interest rate of
4
percent per year compounded monthly and the rest earning a rate of
6
percent per year compounded quarterly

After 12 years the investments were worth $1579.05. How much money did she invest at each rate

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Ajinemsid Ajinemsid · Answer 1

The amount of money that Phyllis invested at each given rate of 4 and 6 percent is = $394.57 and $591.86 respectively.

The time the investment lasted= 12 years.

Simple interest = 1579.05 - 800= $779.05

The principal capital= $800

Rate of the both capital invested;

= SI × 100/P ×T

= 779.05 × 100/800 × 12

= 77,905/9600

= 8.11%

To find the amount of money that Phyllis invested at each given rate,

Rate 1 = 4/8.11× 800

= 3200/8.11

= $394.57

Rate 2 = 6/8.11× 800

= 4800/8.11

= $591.86

The amount of money that Phyllis invested at each given rate of 4 and 6 percent is = $394.57 and $591.86 respectively.

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