SOLUTION: a man has two sums of money at interest, one at 3% and the other is 3 1/2%. his annual income from the two investments is php999. if he could get 3 1/2% on both of his money, he wi

Question 1086590: a man has two sums of money at interest, one at 3% and the other is 3 1/2%. his annual income from the two investments is php999. if he could get 3 1/2% on both of his money, he will earn php1092. how much has he invented at each rate
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
a man has two sums of money at interest, one at 3% and the other is 3 1/2%. his annual income from the two investments is php999. if he could get 3 1/2% on both of his money, he will earn php1092. how much has he invented at each rate
:
let a = the 1st amt
let b = the 2nd amt
:
Write an equation for each scenario
.03a + .035b = 999
.035a + .035b = 1092
:
Subtract the 1st equation from the 2nd equation
.035a + .035b = 1092
.03a + .035b = 999
-----------------------subtraction eliminates b, find a
.005a = 93
a = 93/.005
a = $18600 is the 1st amt
:
Find b
.03(18600) + .035b = 999
558 + .035b = 999
.035b = 999 - 558
.035b = 441
b = 441/.035
b = $12600 is the 2nd amt
:
You can check these solutions in the 2nd equation
RELATED QUESTIONS
A man has three sums of money invested, one at 4 per cent, one at 3 1/2 per cent, and one (answered by josmiceli)

A man has 3 sums of money invested, one at 12%, one at 10% and the last at 8%, his total... (answered by ankor@dixie-net.com)

Can you help me in translating this statement into equation? "A man has three sums of... (answered by stanbon)

A man loans invests PhP 2,000 at a certain rate and PhP 3,000 at a rate of 2/3 as high. (answered by richwmiller)

A man has two investments, one paying 5% annual interest and the other at 8%. The total... (answered by josmiceli,Boreal)

Mr. Lopez has two sums of money earning interests, one at 3%, the other at 4%. His annual (answered by ikleyn)

a man invest 3,000 dollars at a certain rate and 4,000 dollars at rate of 2/3 as high.... (answered by macston)

A man has two investments, one paying 3% annual interest and the and the other 4%. The... (answered by richwmiller)