Question

You invested $28,000 in two accounts paying 3% and 6% annual interest, respectively. If the total interest earned for

the year was $1590, how much was invested at each rate?
The amount invested at 3% is $
The mount invested at 6% is $

Answer 1

Answer: 6000 at 3% and 22000 at 6%

Explanation:

x + y = 28,000

0.3x + 0.6y = 1500

multiply everything in the first equation by 0.3 since we want to be able to eliminate the variable x from both equations.

0.3x +0.3y = 840 then subtract second equation to just get one variable

0.3x + 0.6y =1500

-0.3y = -660

y = 22000

28000 - 22000 = 6000 which is x

So 6000 is invested at 3% and 22000 is at invested at 6%