Bernie has $16000 invested, part at 3% and the remainder at 5%. If the yearly interest on each investment is the same, how much interest does he receive each year?

Answer 1

amount invested at 3% --- x
intereste at that = .03x

amount invested at 5% ---- 16000 - x
interest at that = .05(16000-x)

they are equal, so

solve .03x = .05(16000 - x)
3x = 5(16000-x)

carry on

Answer 2

suuka