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?
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
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?
To solve this problem, we need to define variables and set up equations based on the given information.
Let's assume that Mike invested x dollars at 5% interest rate and (706 - x) dollars at 3% interest rate.
1. The amount of interest earned on the investment at 5% can be calculated as: 0.05x.
2. The amount of interest earned on the investment at 3% can be calculated as: 0.03(706 - x).
We are also given that the total interest earned after one year is $28.00:
0.05x + 0.03(706 - x) = 28
Now, we can solve this equation to determine the value of x, which represents the amount Mike invested at 5% interest rate.