Bernie has $16000 invested, part at 3% and the remainder at 5%. if the yearly interest on each investment is the same, how much interest does he receive each year?

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asked Aug 21, 2018 202k views

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Bernie has $16000 invested, part at 3% and the remainder at 5%. if the yearly interest on each investment is the same, how much interest does he receive each year?

Mathematics
high-school

Blastfurnace asked

by Blastfurnace

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1 Answer

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(16000-x)*3/100=x*5/100
48000-3x/100=5x/100
48000=8x
x=6000
6000*5/100=300

Prana answered Aug 28, 2018

by Prana

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