Answer:
Step-by-step explanation:
the amount of money invested at the rate of 5% is $24000
the amount of money invested at the rate of 6.5%. Is $29000
Step-by-step explanation:
Let x represent the amount of money invested at the rate of 5%.
Let y represent the amount of money invested at the rate of 6.5%.
The combined total of $53,000 is invested in two bonds that pay 5% and 6.5% simple interest.. This means that
x + y = 53000
The formula for simple interest is expressed as
I = PRT/100
Where
P represents the principal
R represents interest rate
T represents time
Considering the investment at the rate of 5%,
P = x
R = 5
T = 1
I = (x × 5 × 1)/100 = 0.05x
Considering the investment at the rate of 6.5%,
P = y
R = 6.5
T = 1
I = (y × 6.5 × 1)/100 = 0.06.5y
The annual interest is $3,085.00.
it means that
0.05x + 0.065y = 3085 - - - - - -1
Substituting x = 53000 - y into equation 1, it becomes
0.05(53000 - y) + 0.065y = 3085
2650 - 0.05y + 0.065y = 3085
- 0.05y + 0.065y = 3085 - 2650
0.015y = 435
y = 435/ 0.015 = 29000
Substituting y = 29000 into
x = 53000 - y
x = 53000 - 29000
x = $24000
