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lianna [129]
2 years ago
8

Arvin has $10000 to invest. He invests part in a term deposit paying 5%/year, and the remainder in Canada savings bonds paying 3

.4%/year. At the end of the year, he earned simpler interest of $413. How much did he invest at 5%/year?
Mathematics
1 answer:
Delicious77 [7]2 years ago
8 0

Answer:

$4,562.5

Step-by-step explanation:

The amount Arvin has to invest, P = $10,000

The interest paid on the investment in the term deposit = 5%/year

The interest paid om the investment in Canada savings bonds = 3.4%/year

The amount Arvin earned at the of the year as simple interest, A = $413

Let, <em>x</em>, represent the amount Arvin invested in the term deposit and let, <em>y</em>,<em> </em>represent the amount he invested in Canada savings bonds, we can get the following system of equations

x + y = 10,000...(1)

0.05·x + 0.034·y = 413...(2)

Making <em>y</em> the subject of equation (1) and substituting the value in equation (2), we get;

From equation (1), we get, y = 10,000 - x

Plugging the above value of <em>y</em> in equation (2) gives;

0.05·x + 0.034 × (10,000 - x) = 413

∴ 0.05·x - 0.034·x + 340 = 413

x = (413 - 340)/(0.05 - 0.034) = 4,562.5

Therefore, the amount Arvin invested in the term deposit at 5%, x = $4,562.5

<em>(y = 10,000 - x</em>

<em>∴ y = 10,000 - 4,562.5 = 5,437.5</em>

<em>The amount Arvin invested in Canada savings bonds, y = $5,437.5.)</em>

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