SOLUTION: Two investments totaling $58500 produced an annual income of $3255. One investment yields 3% per year,while the other yields 9% per year. How much is invested at each rate
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Question 730521: Two investments totaling $58500 produced an annual income of $3255. One investment yields 3% per year,while the other yields 9% per year. How much is invested at each rate Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Two investments totaling $58500 produced an annual income of $3255. One investment yields 3% per year,while the other yields 9% per year. How much is invested at each rate
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Quantity Eq:::: x + y = 58500
Interest Eq::: 3x + 9y = 325500
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Modify:
3x + 3y = 3*58500
3x + 9y = 325500
6y = 150000
y = $25000 (amt invested at 9%
x = $33500 (amt invested at 3%
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Cheers,
Stan H.
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