Problema Solution
A man invests $8000 . For part he receives 5% interest and for the rest 3%. His total income from the two investments is $260 per year. How much is invested at each rate?
Answer provided by our tutors
Let x be the first part. y be the next part
5% of x + 3% of y = 260
x + y =8000
using y = 8000 - x
0.05x + 0.03 * ( 8000 - x) = 260
0.05x - .03x + 240 = 260
.02 x = 260 - 240
x = $1000 is at 5%
y = $7000 at 3%