Problema Solution
Liz invested $3000, part at an annual interest rate of 5% and the rest at an annual interest rate of 12%. How much did she invest at each rate if her total income on the investment for 1 year was $220
Answer provided by our tutors
let
x = the money invested at an annual interest rate of 5%
y = the money invested at an annual interest rate of 12%
Liz invested $3000:
x + y = 3000
her total income on the investment for 1 year was $220:
0.05x + 0.12y = 220
by solving the system of equations:
x + y = 3000
0.05x + 0.12y = 220
we find:
x = $2,000
y = $1,000
click here to see the step by step solution of the system of equations:
Liz invested $2,000 at an annual interest rate of 5% and $1,000 at an annual interest rate of 12%.