Juan has a capital of $530,000, if he invests a certain amount at 2% and another amount at 5%, for the two investments he obtains $16,300. How much did you invest at each interest rate?
Accepted Solution
A:
Let x be invested in one and 530000-x be invested in another
Then $$0.02\times x+0.05\times (530000-x)=16300$$
Solving for x gives $$x=340000$$
So, for 2% Juan invested 340,000 and
for 5% Jaun invested 190,000