.03Amount1 + .09Amount2=43.92
.09amount1 + .03Amount2=35.00
Do you have a question on how to solve this?
Mary invested one amount at 3% simple interest and a second amount at 9% interest ,earning $43.92 in one year.If she would have switched the amounts she would have earned $35.00.What were the 2 amounts?
.09amount1 + .03Amount2=35.00
Do you have a question on how to solve this?
To begin, we can write down the formula for calculating simple interest:
Simple Interest = (Principal * Rate * Time)
For the first situation, with the amount x invested at 3% interest, the simple interest earned can be calculated as follows:
Interest_1 = (x * 0.03 * 1) = 0.03x
For the second situation, with the amount y invested at 9% interest, the simple interest earned can be calculated as follows:
Interest_2 = (y * 0.09 * 1) = 0.09y
Now, we are given two pieces of information:
1. Mary earned $43.92 in one year with the original investment amounts:
Interest_1 + Interest_2 = 43.92
0.03x + 0.09y = 43.92
2. If Mary had switched the amounts, she would have earned $35.00:
Interest_2 + Interest_1 = 35
0.09x + 0.03y = 35
Therefore, the system of equations representing this situation is:
0.03x + 0.09y = 43.92
0.09x + 0.03y = 35
By solving this system of equations, we can determine the values of x and y, which represent the two amounts Mary invested.