SOLUTION: Melinda Bowen recieves an annual income of $234.50 from investing one amount of money at 6% and another amount at 5%. If the investments were interchange, her income would increase

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Question 65270: Melinda Bowen recieves an annual income of $234.50 from investing one amount of money at 6% and another amount at 5%. If the investments were interchange, her income would increase by $5.50. Find the amounts she invested.

I know the amounts please help me find the 2 equations.
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Melinda Bowen recieves an annual income of $234.50 from investing one amount of money at 6% and another amount at 5%. If the investments were interchange, her income would increase by $5.50. Find the amounts she invested.
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Let amount invested at 6% be "x"; interest on this is 0.06x
Let amount invested at 5% be "y"; interest on this is 0.05y
0.06x+0.05y=234.50
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Now let amount invested at 6% be "y"; interest on this is 0.06y
Amount invested at 5% is "x"; interest on this is 0.05x
0.05x+0.06y=240
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Rewrite the equations as:
1st: 6x+5y=23450
2nd: 5x+6y=24000
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I'll leave the solving to you.
Cheers,
Stan H.