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

Question

aivan3 [116]

3 years ago

15

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?

Mathematics

1 answer:

Snowcat [4.5K] · Answer 1 · 2022-07-05T03:13:37+03:00

Snowcat [4.5K]3 years ago

3 0

If the interest is the same for both accounts then:

.03x=.05(16000-x)

.03x=800-.05x

.08x=800

x=10000, since the interest is the same for both we can just double the interest from one investment to find the total interest earned each year...

.03(10000)2=$600.00