LESSON 7 – WORD PROBLEMS (BASIC, INVESTMENT)
𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝐸𝑎𝑟𝑛𝑒𝑑 (𝑂𝑛𝑒 𝑌𝑒𝑎𝑟) = 𝐴𝑚𝑜𝑢𝑛𝑡 𝑖𝑛𝑣𝑒𝑠𝑡𝑒𝑑 × 𝑅𝑎𝑡𝑒 𝑜𝑓 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡
Example ①
Mara saved $1400 working last summer. She invested some of the money in a term deposit
that paid 5.5% per annum and the remainder in a savings account that paid only 2% per annum.
If the total interest earned after one year was $56, determine the amount of money Mara
invested at each rate.
Example ②
Mrs. Peleck has a change jar at home filled with 256 coins split between dimes and quarters.
She has a total of $45.85. How many of the coins are dimes?