Problema Solution
A man has 45,000 invested part at 2% and the remainder at 3% simple interest. How much is invested at each if the total annual income is 1,100
Answer provided by our tutors
Let
x = the money invested at 2% simple interest
45,000 - x = the money invested at 3% simple interest
0.02x + 0.03(45,000 - x) = 1,100
........
click here to see the equation solved for x
........
x = $25,000
45,000 - 25,000 = $20,000
$25,000 was invested at 2% and $20,000 was invested at 3% simple interest.