Math

. Vern sold his 1964 Ford Mustang for $55,000 and
wants to invest the money to earn him 5.8% interest
per year. He will put some of the money into Fund A
that earns 3% per year and the rest in Fund B that
earns 10% per year. How much should he invest into
each fund if he wants to earn 5.8% interest per year on
the total amount?
So I have the answer for this but I not sure on the method.
I believe you are suppose to set it up like I=PRT but with there being two equation. I get lost

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asked by Josh
  1. amount invested at 10% interest ---- x
    amount invested at 3% interest ---- y

    x + y = 55000 ----> y = 55000-x
    .10x + .03y = .058(55000)
    multiply each term by 100
    10x +3y = 5.8(55000) = 319000
    now use substitution:
    10x + 3(55000-x) = 319000

    tidy it up ....

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    posted by Reiny
  2. whoa where u get 319000 from?

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  3. it shouldve been 3190.
    this is what I have....
    A=55000-B
    55000(.058)(1)
    .03A+(55000-B)(.1)
    3190=.03B+5500-.1B
    .....It should come out to 33000 for B and A is 22000.
    I appreciate the help because it gives me some kind of guidance of where to begin at

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  4. I skipped the obvious step from
    .10x + .03y = .058(55000)
    to
    .10x + .03y = 3190
    now multiply each term by 100
    10x + 3y = 319000

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    posted by Reiny
  5. why would u multiple by 100 if you have 3190. that part you lost me. I made a mistake earlier .03a should be .03b+(55000-B)

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    posted by Josh

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