SOLUTION: Sam won $30,000, after taxes, on a vacation to Las Vegas. He invested 5% simple interest and the rest at 3% simple interest. At the end of one year he had earned $1340.00 in inte

SOLUTION: Sam won $30,000, after taxes, on a vacation to Las Vegas. He invested 5% simple interest and the rest at 3% simple interest. At the end of one year he had earned $1340.00 in inte

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Question 471001: Sam won $30,000, after taxes, on a vacation to Las Vegas. He invested 5% simple interest and the rest at 3% simple interest. At the end of one year he had earned $1340.00 in interest. How much did he invest in each amount?
Answer by jorel1380(3719) (Show Source): You can put this solution on YOUR website!
.05m+.03(30000-m)=1340
5m+3(30000-m)=134000
5m+90000-3m=134000
2m=44000
m=22000
Sam invested $22000 at 5% and $8000 at 3%..
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