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)

the answer is 200

step-by-step explanation:

the way the question is worded, it seems to imply the $264 interest is simple interest, not compound interest.

the simple interest for 2 years is $264; the simple interest for 1 year is $132.

$132 interest on a $600 investment means an interest rate of (132/600)*100 = 22%.

the value of $200 at 22% interest compounded annually for three years is

200%281.22%29%5e3

the amount of interest is that value, minus the original $200.

x

step-by-step explanation:

c 1 hour

step-by-step explanation:

m = 2e

m = 2 so 2 = 2e

1 = e