SOLUTION: larry invested part of his 29000 advance at 4% annual simple interest and the rest at 5 % annual simple interest. If his total yearly income from both accounts was 1180 find the am
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Question 855700: larry invested part of his 29000 advance at 4% annual simple interest and the rest at 5 % annual simple interest. If his total yearly income from both accounts was 1180 find the amount invested at each rate? 4% and5% Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! Part I 4.00% per annum ---x
Part II 5.00% per annum ---y
Total investment
x + 1 y= 29000 -------------1
Interest on both investments
4.00% x + 5.00% y= 1180
Multiply by 100
4 x + 5 y= 118000.00 --------2
Multiply (1) by -4
we get
-4 x -4 y= -116000.00
Add this to (2)
0 x 1 y= 2000
divide by 1
y = 2000
Part I 4.00% $ 27000
Part II 5.00% $ 2000
