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04 Nov 2023, 13:12
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Amount invested at 6%: $4.6 million
Amount invested at 4%: $7.4 million
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
45%
(medium)
Question Stats:
71% (02:55) correct
29%
(03:00)
wrong
based on 1387
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Data Insights (DI) Butler 2023-24 [Question #90, Date: Nov-03-2023] [Click here for Details]
A sum of $12 million was divided between two investments. The smaller portion was invested at 6%, and the remainder at 4%. The earnings from the 4% investment exceeded the earnings from the 6% investment by $20,000. Find the amount invested at each rate.
| Amount invested at 6% | Amount invested at 4% | |
| $1.5 million | ||
| $2.8 million | ||
| $4.6 million | ||
| $7.4 million | ||
| $9.2 million | ||
| $10.5 million |
ShowHide Answer
Official Answer
Amount invested at 6%: $4.6 million
Amount invested at 4%: $7.4 million
20 May 2024, 03:34
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Small (S): 6%
Remainder (L): 4%
4%*L - 6%S = 20(k)
4L - 6S = 2 (million)
2L - 3S = 1
2L = 3S + 1
L + S = 12
2L + 2S = 24
5S + 1 = 24
S = \(\frac{23}{5} = 4.6\)
L = 12 - 4.6 = 7.4
Remainder (L): 4%
4%*L - 6%S = 20(k)
4L - 6S = 2 (million)
2L - 3S = 1
2L = 3S + 1
L + S = 12
2L + 2S = 24
5S + 1 = 24
S = \(\frac{23}{5} = 4.6\)
L = 12 - 4.6 = 7.4
General Discussion
05 Nov 2023, 19:20
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Sajjad1994
We can solve using below method
Posted from my mobile device
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