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Question 1086590: a man has two sums of money at interest, one at 3% and the other is 3 1/2%. his annual income from the two investments is php999. if he could get 3 1/2% on both of his money, he will earn php1092. how much has he invented at each rate
Answer by ankor@dixie-net.com(22740)   (Show Source):
You can put this solution on YOUR website! a man has two sums of money at interest, one at 3% and the other is 3 1/2%. his annual income from the two investments is php999. if he could get 3 1/2% on both of his money, he will earn php1092. how much has he invented at each rate
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let a = the 1st amt
let b = the 2nd amt
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Write an equation for each scenario
.03a + .035b = 999
.035a + .035b = 1092
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Subtract the 1st equation from the 2nd equation
.035a + .035b = 1092
.03a + .035b = 999
-----------------------subtraction eliminates b, find a
.005a = 93
a = 93/.005
a = $18600 is the 1st amt
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Find b
.03(18600) + .035b = 999
558 + .035b = 999
.035b = 999 - 558
.035b = 441
b = 441/.035
b = $12600 is the 2nd amt
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You can check these solutions in the 2nd equation
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