SOLUTION: Hello Tutors I am having difficulties solving a problem that involves simple interest. The problem is posted below. Dan invested some money at 3% and $4000 less than that amo

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Question 467648: Hello Tutors
I am having difficulties solving a problem that involves simple interest. The problem is posted below.
Dan invested some money at 3% and $4000 less than that amount at 5%. The two investment produced a total of $200 interest in 1 yr. How much was invested at each rate?
Initially, I try to solve the problem by creating an equation listed below.
I=P*R*T
Prinicipal equals X
rate=0.03
Time=1
200= 0.03x *1 <----(Is this correct?)
I also try to solve it in this manner as well.
(.03*x)+ .05(x-4000)= 200 <-----(Is this correct?)


Answer by jorel1380(3719) About Me  (Show Source):
You can put this solution on YOUR website!
.03(m)+.05(m-4000)=200
.03m+.05m-200=200
.08m=400
m=400/.08=5000
Dan invested $5000 at 3% and $1000 at 5%..