SOLUTION: A total of $80,000 is invested in two funds paying 2.3% and 3.1 % simple interest. The total annual interest is $2000. How much is invested in each fund?

Question 957273: A total of $80,000 is invested in two funds paying 2.3% and 3.1 % simple interest. The total annual interest is $2000. How much is invested in each fund?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
A total of $80,000 is invested in two funds paying 2.3% and 3.1 % simple interest. The total annual interest is $2000. How much is invested in each fund?
-------------
Quantity Eq:: x + y = 80,000 dollars
Interest Eq::2.3x + 3.1y = 200000
-----
Modify for elimination:
23x + 23y = 23*80000
23x + 31y = 2000000
------------
Subtract and solve for "y"::
8y = 160000
y = $20,000 (amt. invested at 3.1%)
----
x = 80000-20000 = $60,000 (amt. investedat 2.3$)
----
Cheers,
Stan H.
--------------
RELATED QUESTIONS
A total of $25,000 is invested in two funds paying 3% and 3.5% simple interest. The... (answered by ewatrrr)

A total of $50,000 is invested in two funds paying 8% and 8.5% simple interest. The... (answered by Mathtut,checkley77,solver91311)

a total of 15000 is invested in two funds paying 4%and 5% simple interest. the annual... (answered by mananth)

A total of $25,000 is invested in two funds paying 6% and 6.5% simple interest. The... (answered by richwmiller)

A total of $25,000 is invested in two funds paying 7% and 7.5% simple interest. The... (answered by macston)

suppose you invest $15,000 in two funds paying 11 1/2% and 14% simple interest. the... (answered by mananth)

You invest $40,000 in two funds paying 3% and 4 1/2% simple interest. The total annual... (answered by stanbon)

You invest $12,000 in two funds paying 5.5% and 7.5% simple interest. The total annual... (answered by checkley71)

A total of $10,000 is ivested into two funds paying 15/2% and 9%simple interest. The... (answered by stanbon)