Question

Olcquations

Week 5 Assignment: Mixture Problems and Systems of Equations
Due Sunday by 11:59pm
Points 10
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Solve interest applications using a system of equations
Question
Matthew invested $3,000 into two accounts. One account paid 3% interest and the other paid 8% interest. He earned 4%
interest on the total investment. How much money did he put in each account?
Sorry, that's incorrect. Try again?
3% amount: S 600
8% amount: S 2400
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Answer 1

• $600 at 8%
• $2400 at 3%

Explanation:

You have the right numbers, but the wrong accounts.

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Let x represent the amount invested at 8% (the highest rate). Then the total interest is ...

.08x +.03(3000 -x) = .04(3000)

.05x = .01(3000) . . . . subtract .03(3000)

x = 3000/5 = 600

Matthew invested $600 at 8%, $2400 at 3%.

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Comment on checking your answer

You may notice that the overall interest rate is 4%, closer to 3% than to 8%. That means more of the money must be invested at 3% than at 8%.