Question

. Vern sold his 1964 Ford Mustang for $55,000 and
wants to invest the money to earn him 5.8% interest
per year. He will put some of the money into Fund A
that earns 3% per year and the rest in Fund B that
earns 10% per year. How much should he invest into
each fund if he wants to earn 5.8% interest per year on
the total amount?
So I have the answer for this but I not sure on the method.
I believe you are suppose to set it up like I=PRT but with there being two equation. I get lost

Answer 1

amount invested at 10% interest ---- x
amount invested at 3% interest ---- y

x + y = 55000 ----> y = 55000-x
.10x + .03y = .058(55000)
multiply each term by 100
10x +3y = 5.8(55000) = 319000
now use substitution:
10x + 3(55000-x) = 319000

tidy it up ....

Answer 2

whoa where u get 319000 from?

Answer 3

it shouldve been 3190.
this is what I have....
A=55000-B
55000(.058)(1)
.03A+(55000-B)(.1)
3190=.03B+5500-.1B
.....It should come out to 33000 for B and A is 22000.
I appreciate the help because it gives me some kind of guidance of where to begin at

Answer 4

I skipped the obvious step from
.10x + .03y = .058(55000)
to
.10x + .03y = 3190
now multiply each term by 100
10x + 3y = 319000

Answer 5

why would u multiple by 100 if you have 3190. that part you lost me. I made a mistake earlier .03a should be .03b+(55000-B)