Question

Thomas invested $40,000. He put part of the money in an account paying 2% interest and the remainder
into stocks paying 3% interest. The total annual income from these investments was $1020. How much
did he invest at each rate?
(show work please)

Answer 1

Answer:

18,000 at 2%

22,000 at 3%

Step-by-step explanation:

x: the amount in account paying 2% interest

y: the amount in stock paying 3% interest

x + y = 40,000

2%. x + 3%. y = 1020

⇒ x = 18,000

y = 22,000