Problema Solution

Larry Mitchell invested part of his $19,000 advance at 8% annual simple interest and the rest at 3% annual simple interest. If his total yearly interest from both accounts was $1,270, find the amount inveested at each rate

Answer provided by our tutors

x + y = 19000

0.08x + 0.03y = 1270

 

At 8%  14000

at 3%  5000