SOLUTION: larry has an annual return of $213 from $3000 invested at simple interest, some at 5% the rest at 8%. how much was invested at each rate?

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Question 898789: larry has an annual return of $213 from $3000 invested at simple interest, some at 5% the rest at 8%. how much was invested at each rate?
Found 2 solutions by ewatrrr, richwmiller:
Answer by ewatrrr(24785)   (Show Source): You can put this solution on YOUR website!
 

Hi



Let x represent  amount at 8%

.08x + .05(3000-x) = 213 

  x = 63/.03,amount at 8% 

find (3000-x),   amount at 5%

 

Answer by richwmiller(17219)   (Show Source): You can put this solution on YOUR website!
 x+y=3000,

0.05*x+0.08*y=213

x=3000-y

0.05*(3000-y)+0.08*y=213

150-0.05y+0.08*y=213

0.03*y=63

y= 2100

x=3000-y

x=900

check

0.05*900+0.08*2100=213

45+168=213

213=213

ok

 

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