SOLUTION: larry mitchell invested part of his 28000 advance at 3% annual simple interest and the rest at 5:% annual simple interest. if his yearly interest from both accounts was 920, find

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Question 715448:
larry mitchell invested part of his 28000 advance at 3% annual simple interest and the rest at 5:% annual simple interest. if his yearly interest from both accounts was 920, find the amount at each rate.
Answer by checkley79(3341) About Me  (Show Source):
You can put this solution on YOUR website!
.05X+.03(28,000-X)=920
.05X+840-.03X=920
.02X=920-840
.02X=80
X=80/.02
X=$4,000 INVESTED @ 5%.
28,000-4,000=$24,000 INVESTED @ 3%.
PROOF:
.05*4,000+.03*24,000=920
200+720=920
920=920