SOLUTION: Kackie Smith won $60,000.00 in a slot machine in Las Vegas. She invested part at 2% simple interest and the rest at 3%. She earned a total of $1600.00 in interest. How much was inv

Question 98725: Kackie Smith won $60,000.00 in a slot machine in Las Vegas. She invested part at 2% simple interest and the rest at 3%. She earned a total of $1600.00 in interest. How much was invested at each rate?
Answer by checkley71(8403) (Show Source): You can put this solution on YOUR website!
.03*x+.02(60000-x)=1600
.03x+1200-.02x=1600
.01x=1600-1200
.01x=400
x=400/.01
x=40000 amount invested @ 3%.
60000-40000=20000 invested @ 2%.
proof
.03*40000+.02*20000=1600
1200+400=1600
1600=1600
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