SOLUTION: Fred invested $45,000 for one year, part 5% and part at 3%. if he earned a total of $1910 for the year, how much was invested at each rate? Let x=

Question 663511: Fred invested $45,000 for one year, part 5% and part at 3%. if he earned a total of $1910 for the year, how much was invested at each rate?
Let x=
Answer by ReadingBoosters(3246) (Show Source): You can put this solution on YOUR website!
x = $ at 5%
y = $ at 3%
x+y = 45000
.05x + .03y = 1910
.05(45000-y) + .03y = 1910
2250 - .05y + .03y = 1910
2250 - .02y = 1910
-.02y = -340
y = $17,000 at 3%
x = 45000 - 17000 = $28,000 at 5%
Proof
.05(28000)+.03(17000) = 1400 + 510 = 1910
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