Question

Bob invested $23,000, part at 16% and part at 15%. If the total interest at the end of the year is $3500, how much invested at 16%

Answer 1

Let x be the amount invested at 16%
Let y be the amount invested at 15%

That means:
x + y = 23000
0.16x + 0.15y = 3500

Try to solve it from there :)

Answer 2

Possible answers are 4,000, 5,000, 6,000, 18,000

Answer 3

x + y = 23000
0.16x + 0.15y = 3500

0.16x + 0.16y = 23000*0.16
0.16x + 0.15y = 3500
==================
Subtracting, you get:
0.01y = 23000*0.16 - 3500
=> y = (23000*0.16 -3500)/0.01
=> x = 23000 - (23000*0.16-3500)/0.01

Answer 4

If you calculate those values, you get x = 5000.

Answer 5

Thank You : D