Mr. Walker invested $65,100 in two banks, one paying 4.5% and the other 6%. If he gets $231 more on the 6% investment than that on the 4.5% investment, find the total annual income from the banks.

Question

Stephanie

Mathematics

9 June, 23:15

Mr. Walker invested $65,100 in two banks, one paying 4.5% and the other 6%. If he gets $231 more on the 6% investment than that on the 4.5% investment, find the total annual income from the banks.

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Answers (1)

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Chasity Casey · Answer 1

We will create two equations. For he invested in two banks, one paying 4.5% and the other 6%, we have "x" and "y" to represent the two banks such as:

Let x be the bank paying 4.5 %

Let y be the bank paying 6%

X + Y=$65,100

If he gets $231 more on the 6% investment than that on the 4.5% investment

X=Y+$231