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2 answers:
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Answer:
He invested $20000 for 3% rate and $15000 for 2% rate.
Step-by-step explanation:.
Let the 3% rate be for Account A and the 2% rate for Account B.
From the question, we know that the Principal from both accounts must add up to $35000
35000 ________________________ (1)
We also know that the interest from both accounts add up to $900
________________________(2)
The Interest from Account A (R = 3%, T = 1) is:
This implies that:
________________________(3)
The Interest from Account B (R = 2%, T = 1) is:
This implies that:
_____________________________(4)
From (1),
Putting this in (4)
________________(5)
From (2):
Putting this in (3):
_______________________(6)
(5) and (6) are simultaneous equations, hence, we can solve them:
Subtracting (5) from (6):
$20000
Hence:
$15000
Also:
= $300
Hence:
$600
Hence, Larry invested $20000 at 3% annual interest and got $600 interest. He also invested $15000 at 2% annual interest and got $300.