SOLUTION: Larry Mitchell invested part of his $17,000 advance at 5% annual simple interest and the rest at 3% annual simple interest. If his total yearly interest from both accounts was $73
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Question 1068554: Larry Mitchell invested part of his $17,000 advance at 5% annual simple interest and the rest at 3% annual simple interest. If his total yearly interest from both accounts was $730,
find the amount invested at each rate.
What is the amount invested at 5%? And what is the amount invested at 3%?
Answer by Fombitz(32388) (Show Source): You can put this solution on YOUR website!
1.
.
.
Multiply both sides by 100.
2.
Multiply eq. 1 by 3 and subtract from eq. 2 to eliminate B,
Solve for A.
Then use either equation to solve for B.
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