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July 31, 2014

July 31, 2014

Posted by **jackie** on Thursday, January 19, 2012 at 11:51pm.

- intermediate algebra -
**drwls**, Friday, January 20, 2012 at 6:48amThis problem requires writing and solving two "simultaneous" equations in two unknowns.

Let the two amounts invested by x (at 5%) and y (at 3%). Assume simple interest at that annual rate.

0.05 x + 0.03 y = 28.0

x + y = 706.

==========================

Now solve those two equations.

0.05x + 0.05y = 35.30

0.02 y = 7.30

y = $365.00

x = 706 - 365 = $341.00

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