Question

Michael invested a certain amount of money at 3% interest and $750 more than that amount at 5%. His total yearly interest was $157.50. How much did he invest at each rate?

Answer 1

Po*0.03*1 + (Po+750)*0.05*1 = 157.50.

0.03Po + 0.05Po + 37.50 = 157.50,
0.08Po = 120, Po = $1500 @ 3%.

1500 + 750 = $2250 @ 5%.

Answer 2

23