i need help with this problem

Question

If $8800 is invested at 3% annual simple interest, how much should be invested at 6% annual simple interest so that the total yearly income from both investments is $564?

Answer 1

I = prt

interest = principal*rate*time

The interest earned here will be the sum of

the interest earned from both investments.

 

564 = 8800(0.03)(1) + x(0.06)(1)

564 = 264 + 0.06x

300 = 0.06x

300/0.06 = x

5000 = x

 

Invest $5,000 at 6%