Larry has an annual return of $213.00 from $3000.00 invested at simple interest. One at 5% and the other at 8%. How much is invested at each rate. (Hint, Interest earned = amount invested x rate of interest.)

Question

Larry has an annual return of $213.00 from $3000.00 invested at simple interest.  One at 5% and the other at 8%.  How much is invested at each rate.  (Hint, Interest earned = amount invested x rate of interest.)

Steve · Answer

.05x + .08(3000-x) = 213.00 x=900 so, $900 at 5% and $2100 at 7%