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