Question 906711: i have had multiple questions that look exactly the same and have no idea where to begin....
The question: Tom has 30,00 to invest, he puts some of the money in bonds that earn 12,00 annual simple interest, he put the rest in an account with 4% annual interest, he received 2,400 at the end of the year in extra income, how much did he invest in each.
Answer by richwmiller(17219)   (Show Source):
You can put this solution on YOUR website! Total amount of money invested: $30000
x+y=30000,
Total yearly interest for the two accounts is: $2400
0.12*x+0.04*y=2400
x=30000-y
Substitute for x
0.12*(30000-y)+0.04*y=2400
Multiply out
3600-0.12y+0.04*y=2400
Combine like terms.
-0.08*y=-1200
Isolate y
y=$15000.00 at 4%
x=30000-y
Calculate x
x=$15000.00 at 12%
Check
0.12*15000+0.04*15000=2400
1800+600=2400
2400=2400
If this statement is TRUE and neither x nor y is negative then all is well
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