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joshdex87

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A church building fund has invested $100,000 in two ways: part of the money at 4% interest and part at 3% interest. Find the amount invested at each rate if the total interest is $3565. You must write an equation and solve the equation correctly to receive credit for this problem.
 
joshdex87 said:
A church building fund has invested $100,000 in two ways: part of the money at 4% interest and part at 3% interest. Find the amount invested at each rate if the total interest is $3565. You must write an equation and solve the equation correctly to receive credit for this problem.
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Please share your work/thoughts about this problem.
 
Well, it may looks like equation with 3 unknowns, but actually no more than 1. Indeed, we do not know time, and we can say x+y=1000000. But. We need only x. Y shall be 100000-x. And t is not needed, because it same for both parts! So it very simple:

x*.04+(100000-x)*.03=3635.

Or something like that.
 
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Beer soaked ramblings follow.
Olim said:
Well, it may looks like equation with 3 unknowns, but actually no more than 1. Indeed, we do not know time, and we can say x+y=1000000. But. We need only x. Y shall be 10000-x. And t is not needed, because it same for both parts! So it very simple: x*.04+(10000000-x)*.03=3635. Or something like that.
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I love you Olim!
You have either drank too much beer or you need prescription glasses. ................ (corrected the typos in Olim's post)
 
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