Question

Mary won $200,000 in a state lottery. she first paid income tax of 30% on the winnings. she invested some of the rest at 1.5% and some at 4%, earning $4,350 interest per year. how much did she invest at each rate?

Answer 1

Marry rate of investment is 4%.

Lets solve it through simple steps,

30% 0f $200,000 = $60,000

$200,000-$60,000 = $140,000

Rate 1.5%

Rate 4% = (140,000-x)

Interest earned = $4,350

1.5x+4(150,000-x)=4350*100

1.5x+600,000-4x=435,000

1.5x-4x=435,000-600,000

-2.5x=-165,000 /-2.5

x=66000

$ 66,000  1.5%

Balance = $74,000 at  4%

Hence the rate is 4%

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