Joe has $6,500 to invest One option is to invest some of his money in an account that earns 3% simple interest and the rest in an account that earns 2% simple interest. Joe would like to make at least $200 in interest this year. The following system of equations can be used to help Joe determine how much of his money he should invest at each rate. x +y = 6500 0.03x + 0.02y ≥ 200 The mathematical solution to this system is x=7000. Explain what the solution means in terms of how much Joe should invest in each account.

Question

25-10-2022
Mathematics

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Joe has $6,500 to invest One option is to invest some of his money in an account that earns 3% simple interest and the rest in an account that earns 2% simple interest. Joe would like to make at least $200 in interest this year. The following system of equations can be used to help Joe determine how much of his money he should invest at each rate. x +y = 6500 0.03x + 0.02y ≥ 200 The mathematical solution to this system is x=7000. Explain what the solution means in terms of how much Joe should invest in each account.

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HaizleeJ290663 HaizleeJ290663 · Answer 1 · 2022-10-25T13:44:56+02:00

Data:

[tex]\begin{gathered} x+y=6500 \\ \\ 0.03x+0,02y\ge200 \end{gathered}[/tex]

In this case;

x is the amount of money Joe should invest in first account (with 3% simple interest)

y is the amount of monet Joe should invest in second account (with 2% simple interest)

Then, if the mathematical solution for the given system is x=7000 it means that in order to get at least $200 in interest this year Joe needs to invest a bigger amount of money that he has, in the fisrt account ($7000) and in the second account y Joe shoul take a loan of $500 with 2% simple interest

[tex]\begin{gathered} x=7000 \\ x+y=6500 \\ y=6500-x_{} \\ y=6500-7000=-500 \end{gathered}[/tex]