SOLUTION: Select the set of equations that represents the following situation: Mike invested $706 for one year. He invested part of it at 5% and the rest at 3%. At the end of the year he ea
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Question 412000: Select the set of equations that represents the following situation: Mike invested $706 for one year. He invested part of it at 5% and the rest at 3%. At the end of the year he earned $28.00 in interest. How much did Mike invest at each rate of interest? Answer by emargo19(101) (Show Source):
You can put this solution on YOUR website! Let x amt of dollars be invested at 5% and y amt of dollars be invested at 3%.
Then 0.05x= interest on 5 percent.
0.03y= interest on 3 percent.
(equation 1) (equation 2)
Multiply Eq (1) by 0.05 (equation 1) (equation 2)
Subtract to eliminate x.
Substitute the value of y in equation 1.
So $341 was invested at 5% and $365 were invested at 3%.
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