Answer:
Step-by-step explanation:
Let:
x= the money invested at 9% or 0.09 simple interest
y= the money invested at 3% or 0.03 simple interest
The total amount invested for the two investments is $13,232. So,
x+y=13232
or
y=13232-x
We use the formula for simple interest:
I=Prt
Where:
P=Principal Amount
r= Rate of Interest
t= Time Period
It is also given that each account earn the same interest.So,
Interest rate at 9% = Interest rate at 3%
0.09x(1) = 0.03(13232-x)(1)
Simplify and rearrange
0.09x=396.96-0.03x
0.09x+0.03x=396.96
0.12x=396.96
x=396.96/0.12
Calculate
x=3308
Substitute x=3308 into x+y=13232.
Therefore, he invested $3308 at 9% and $9924 at 3%.