Question

Larry Mitchell invested part of his $34,000 advance at 2% annual simple interest and the rest at 3% annual interest. If his total yearly interest from both accounts was $190, find the amount invested at each rate.

Answer 1

Answer:let the invstmt be X and Y

X+Y=34000

0.02X+0.03Y=890

0.02(34000-Y)+0.03Y=890

680-0.02Y+0.03Y=890

0.01Y=210

Y=21000

X=13000

Explanation: