Question

Gabriel's family is investing $5,000 into two different bonds for college. One bond gave
an interest of 5% per year, and the other 3%. If the combined interest for the year was
$220, how much money was invested in each bond?

Answer 1

The amount invested in the bond that yields the 5% interest is $3500 while the  amount invested in the bond that yields the 3% interest is $1500

In order to determine the amount invested in each bond, simultaneous equation would be used

From the question, two sets of equations can be derived

0.05x + 0.03y = 220 equation 1

x + y = 5000 equation 2

Where :

x = amount invested in the bond that gives 5% interest

y =  amount invested in the bond that gives 3% interest

Multiply equation 2 by 0.03

0.03x + 0.03y = 150 equation 3

Subtract equation 1 from 3

0.02x = 70

Divide both sides of the equation by 0.02

x = 3500

Substitute for x in equation 2

3500 + y = 5000

Subtract y from both sides of the equation

y = 5000 - 3500

y = 1500

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