SOLUTION: A businessman has three times as much money invested at 3% as he does at 4.5%. The income from both investments for a year is $675. How much is invested at each rate.

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Question 295429: A businessman has three times as much money invested at 3% as he does at 4.5%. The income from both investments for a year is $675. How much is invested at each rate.
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
A businessman has three times as much money invested at 3% as he does at 4.5%. The income from both investments for a year is $675. How much is invested at each rate.
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Equations:
Quantity: x = 3y
Interest:0.03x + 0.045y = 675
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Substitute for "x":
0.03(3y) + 0.045y = 675
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Multiply thru by 1000:
3(30y) + 45y = 675000
135y = 675000
y = $5000.00
x = (1/3)(5000) = $1666.67
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Cheers,
Stan H.