Question 957273: A total of $80,000 is invested in two funds paying 2.3% and 3.1 % simple interest. The total annual interest is $2000. How much is invested in each fund?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! A total of $80,000 is invested in two funds paying 2.3% and 3.1 % simple interest. The total annual interest is $2000. How much is invested in each fund?
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Quantity Eq:: x + y = 80,000 dollars
Interest Eq::2.3x + 3.1y = 200000
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Modify for elimination:
23x + 23y = 23*80000
23x + 31y = 2000000
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Subtract and solve for "y"::
8y = 160000
y = $20,000 (amt. invested at 3.1%)
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x = 80000-20000 = $60,000 (amt. investedat 2.3$)
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Cheers,
Stan H.
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