SOLUTION: I need help with this problem please.
Two investments produce a total annual interest income of $95. If $4000 was invested at 2% and 3%, how much was invested at 3%?
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Two investments produce a total annual interest income of $95. If $4000 was invested at 2% and 3%, how much was invested at 3%?
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Question 833529: I need help with this problem please.
Two investments produce a total annual interest income of $95. If $4000 was invested at 2% and 3%, how much was invested at 3%? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Two investments produce a total annual interest income of $95. If $4000 was invested at 2% and 3%, how much was invested at 3%?
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Interest Eq:: 2x + 3y = 9500
Quantity Eq:: x + y = 4000
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Modify for elimination:
2x + 3y = 9500
2x + 2y = 8000
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Subtract and solve for "y":
y = $1500 (amt. invested at 3%)
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Cheers,
Stan H.
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