Homework Help: intermediate algebra

Posted by joel on Monday, February 21, 2011 at 12:54pm.

Select the set of equations that represents the following situation: Mike invested $706 for one year. He invested part of it at 5% and the rest at 3%. At the end of the year he earned $28.00 in interest. How much did Mike invest at each rate of interest?

intermediate algebra - Helper, Monday, February 21, 2011 at 5:31pm
x = amount invested at 0.05
y = amount invested at 0.03

0.05x + 0.03y = 28.
x + y = 706

Solve the set of equations simultaneously

If you are correct,
x = $341
y = $365
unlv - kelemework, Friday, May 6, 2011 at 12:20pm
solve. A trust fund has invested $8000 at 6% annual interest. How much additional moey should be invested at 8.5% to obtain a return of 8% on the total amount invested?

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