Larry Mitchell invested part of gis 35,000 advance at 3% annual simple interest and the rest at 2% annual simple interest. If his total yearly interest from both accounts was $900, find the amount invested at each rate.

He invested $20000 for 3% rate and $15000 for 2% rate.

Step-by-step explanation:.

Let the 3% rate be for Account A and the 2% rate for Account B.

From the question, we know that the Principal from both accounts must add up to $35000

35000 ________________________ (1)

We also know that the interest from both accounts add up to $900

________________________(2)

The Interest from Account A (R = 3%, T = 1) is:

This implies that:

________________________(3)

The Interest from Account B (R = 2%, T = 1) is:

This implies that:

_____________________________(4)

From (1),

Putting this in (4)

________________(5)

From (2):

Putting this in (3):

_______________________(6)

(5) and (6) are simultaneous equations, hence, we can solve them:

Subtracting (5) from (6):

$20000

Hence:

$15000

Also:

= $300

Hence:

$600

Hence, Larry invested $20000 at 3% annual interest and got $600 interest. He also invested $15000 at 2% annual interest and got $300.

answer

step-by-step explanation: