Problema Solution
The financial board of a corporation invested $25,000 overseas, part at 3% and part at 4% annual interest. Find the amount invested at each rate if the first-year combined income from the two investments was $890.
Answer provided by our tutors
let
x = the $ invested at 3%
y = the $ invested at 4%
the financial board of a corporation invested $25,000
x + y = 25000
the first-year combined income from the two investments was $890
0.03*x + 0.04*y = 890
by solving the system of equations
x + y = 25000
0.03*x + 0.04*y = 890
we find
x = $11,000
y = $14,000
$11,000 we invested at 3% and $14,000 were invested at 4% annual interest.