Mr. Centeno invested P50,000, part of which at 5%per year and the rest at 6% per year. His annual income from the 2 investments was P2,000. How much did he investat each rate?
To solve this problem, let's assume Mr. Centeno invested x amount at 5% per year. Therefore, he invested (50000 - x) at 6% per year.
Based on the information given, we can calculate the annual income from the two investments:
Interest from the first investment (5% per year) = (x * 5/100)
Interest from the second investment (6% per year) = ((50000 - x) * 6/100)
The sum of the two interests is given as P2,000:
(x * 5/100) + ((50000 - x) * 6/100) = 2000
To solve for x, we can simplify the equation:
(5x + 300000 - 6x) / 100 = 2000
- x + 300000 = 2000 * 100
- x + 300000 = 200000
- x = -100000
x = 100000
Therefore, Mr. Centeno invested P100,000 at 5% per year, and the remaining amount (P50,000 - P100,000) = P-50,000 at 6% per year.