SOLUTION: two investment totaling $44,500 produce an annual income of $950. one investment yields 3% a year, while the other yields 2 % per year. how much is invested at each rate?
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Question 977188: two investment totaling $44,500 produce an annual income of $950. one investment yields 3% a year, while the other yields 2 % per year. how much is invested at each rate? Found 2 solutions by richwmiller, solver91311:Answer by richwmiller(17219) (Show Source):
You can put this solution on YOUR website! Total amount of money invested: $44500
x+y=44500,
Total yearly interest for the two accounts is: $950
0.03*x+0.02*y=950
x=44500-y
Substitute for x
0.03*(44500-y)+0.02*y=950
Multiply out
1335-0.03*y+0.02*y=950
Combine like terms.
-0.01*y=-385
Isolate y
y=$ 38500.00 at 2% earns $770 interest
x=44500-y
Calculate x
x=$ 6000.00 at 3% earns $180 interest
Check
0.03*6000+0.02*38500=950
180+770=950
950=950
Two investments totaling currency units earn currency units each year. A portion of the investment yields percent per annum, and the balance yields percent per annum.
Let currency units represent the amount invested at . Then the amount invested at percent must be currency units. The amount of the annual yield for the amount invested at must then be currency units and the amount of the annual yield for the amount invested at must then be currency units.
Plug in your numbers and do the arithmetic.
John
My calculator said it, I believe it, that settles it
