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anonymous

  • 5 years ago

Larry has an annual return of $213 from $3000 invested at simple interest, some at 5% and the rest at 8%. How much is invested at each rate?

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  1. shadowfiend
    • 5 years ago
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    You can derive a system of equations from this. The two amounts will sum to the total, so: x + y = 3000 In addition, you know that x is invested at 0.05, y at 0.08, and that the interest from the two combined is 213, so: 0.05x + 0.08y = 213 Make sense?

  2. anonymous
    • 5 years ago
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    nooooo

  3. shadowfiend
    • 5 years ago
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    What's that?

  4. anonymous
    • 5 years ago
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    I dont understand whats the answer

  5. shadowfiend
    • 5 years ago
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    That isn't the answer. However, that is a system of equations that will let you find the answer. You have to find x and y given those two equations.

  6. anonymous
    • 5 years ago
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    shadowfiend basically gave you the answer you have to unknowns (variables) and two equations to solve them with. just substitute one equation into the other.

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