1) Ashley won $5000 in a contest. She invested some of the money at 5% simple interest and $400 less than twice that amount at 6.5%. In one year, she earned $298 in interest. How much did she invest at each rate?
Formula = use table with Principle, Rate and Interest.
Problem : Please assist with setting up the problem. I've tried but failed to solve it.
The Answer in the book should be =$1800 at 5%; %3200 at 6.5%
2) Vincente and Ricarda have invested $27,000 in bonds paying 7%. How much additional money should they invest in a certificate of deposit paying 4% simple interest so that the total return on the two investment will be 6%?
Formula = the same.
Problem : the same.
Answer : $13,500