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

Let n and 16000-n be the amounts invested at 5% and 3%, respectively. Then:
.05(n)=.03(16000-n)
.08n=480
n=6000
.05n=300
.03(16000-n)=300
Both investments earn $300 apiece, making a grand total of $600 for the year. ☺☺☺☺

Answer 2

$600