Larry Mitchell

Larry Mitchell

MATH HOMEWORK QUESTIONS:?

Larry mitchell invested part of his 30,000 advance at 7% annual simple interest and the rest at 5% annual simple interest. If his total yearly interest from both accounts was $1,680, find the amount invested at each rate.

let he invester x & (30000-x) in two types of bonds

=> 7%of x + 5%of (30000-x) = 1680

=> (7/100)x +(5/100)(30000-x) = 1680

=> 7x + 150000 - 5x = 168000

=> 2x = 168000-150000

=> 2x = 18000

=> x = 9000 in first bond & 30000-9000 = 21000 in 2nd

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