Problema Solution
Larry Mitchell invested part of his $11,000 advance at 3% annual simple interest and the rest at 2% annual simple interest. If his total yearly interest from both accounts was $280, find the amount invested at each rate.
Answer provided by our tutors
let
x = the amount invested at 3%
y = the amount invested at 2%
x + y = 11000
0.03x + 0.02y = 280
by solving the above system of equations we find
x = $6,000
y = $5,000
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Larry Mitchel invested $6,000 at 3% annual interest and $5,000 at 2% annual interest.