Problema Solution
Larry mitchell invested part of his $26000 advance at 8% annual simple interest and the rest at 9% annual simple interest. If his total yearly interest from both accounts was $2310, find the amount invested at each rate.
Answer provided by our tutors
let
x = the amount invested at 8% annual simple interest
y = the amount invested at 9% annual simple interest
Larry Mitchell invested total of $26000 thus
x + y = 26000
8% interest from x plus 9% interest from y = total interest from both accounts $2310
0.08x + 0.09y = 2310
by solving the system of equations
x + y = 26000
0.08x + 0.09y = 2310
we find
x = $3,000
y = $23,000
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Larry Mitchell invested $3,000 at 8% annual simple interest rate and %23,000 at 9% annual simple interest rate.