SOLUTION: Mr. Garcia invested $100,000 part at 5% and part at 3%. If the annual income is $4,200, find the amount of invested at each rate.

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Question 992142: Mr. Garcia invested $100,000 part at 5% and part at 3%. If the annual income is $4,200, find the amount of invested at each rate.
Answer by macston(5194) About Me  (Show Source):
You can put this solution on YOUR website!
x=amount at 3%; y=amount at 5%
.
x+y=$100000
y=$100000-x
.
0.03x+0.05y=$4200
0.03x+0.05($100000-x)=$4200
0.03x+$5000-0.05x=$4200
-0.02x=-$800
x=$40000 ANSWER 1:$40000 was invested at 3%.
y=$100000-x=$100000-$40000=$60000
ANSWER 2: $60000 was invested at 5%.
.
CHECK:
0.03x+0.05y=$4200
0.03($40000)+0.05($60000)=$4200
$1200+$3000=$4200
$4200=$4200