Problem

Larry Mitchell invested part of his $\$ 19,000$ advance at $5 \%$ annual simple interest and the rest at $2 \%$ annual simple interest. If his total yearly interest from both accounts was $\$ 560$, find the amount invested at each rate. The amount invested at $5 \%$ is $\$ \square$. The amount invested at $2 \%$ is $\$ \square$.

Solution

Step 1 :Let the amount invested at 5% be x and the amount invested at 2% be y. We have two equations:

Step 2 :1. \(x + y = 19000\) (total investment)

Step 3 :2. \(0.05x + 0.02y = 560\) (total interest)

Step 4 :Solve this system of linear equations to find the values of x and y.

Step 5 :Solution: \(x = 6000\) and \(y = 13000\)

Step 6 :\(\boxed{\text{The amount invested at 5% is }\$ 6000\text{. The amount invested at 2% is }\$ 13000\text{.}}\)

From Solvely APP
Source: https://solvelyapp.com/problems/16312/

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