Find the total annual interest received on both investments

Question

A plant manager invested $3,000 more in stocks than in bonds. The stocks paid 8% annual simple interest, and the bonds paid 9.5% annual simple interest. Both investments yielded the same income.

 

the answer is not 19,000

Answer 1

s = b + 3000

0.08s = 0.095b

 

0.08(b + 3000) = 0.095b

0.08b + 240 = 0.095b

0.015b = 240

b = 16,000

 

s = 16,000 16000(0.08) = $1280