A total of $54,250 is to be invested, part at 5.370% annual interest and the rest at 6.720% annual interest

annual-interest

#1

A total of $54,250 is to be invested, part at 5.370% annual interest and the rest at 6.720% annual interest. How much is invested at each rate to provide an annual interest income of $3,100?

Answer:

This can must easily be solved as a system of equations
your first equation will be
x+y=54250
second is
.0537x+.0672y=3100
Use substitution
x=54250-y
Now plug this in the other equation
.0537(54250-y)+.0672y=3100
Solving for y you will find 13835.2
x will then be equal to 40414.82
You must round money to the hundredth place which is why the answer doesn’t perfectly add up to 54250.