Question

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?

anyone?

Answer 1

To answer this item, we let x be the amount of money he invested in 3% interest. With this representation, the amount of money he invested in 5% is 16,000 - x. The interest is calculated by multiplying the amount of money and the decimal equivalent of the percentages.
(x)(0.03) = (16,000)(0.05)
The value of x from the given equation is 10,000. Calculating for the interests:
(3%) : I = (10,000) x 0.03 = 300
(5%) : I = (16,000 - 10,000) x 0.05 = 300
Thus, the total interest received is equal to $600.