SOLUTION: A church building fund has invested money in two ways:part of the money at 3% interest and 4 times as much as 2.75%.Find the amount invested at each rate if the total annual income

Question 702772: A church building fund has invested money in two ways:part of the money at 3% interest and 4 times as much as 2.75%.Find the amount invested at each rate if the total annual income from interest is $2,800
Answer by sachi(548) (Show Source): You can put this solution on YOUR website!
let church invested x at 3% & 4x at 2.75% & the total interest is 2800
so 3x/100+2.75*4x/100=2800
or 3x+11x=2800*100=280000
or 14x=280000
or x=20000
so the amount invested 20000 at 3% & 800000 at 2.75%
ans
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