A total of $21,000 is invested in two funds paying 3% and 5% simple interest. (The 3% investment has a lower risk.) The investor wants a yearly interest income of $1000 from the two investments.
(a) Write a system of equations in which one equation represents the total amount invested and the other equation represents the $1000 required in interest. Let x and y represent the amounts invested at 3% and 5%, respectively.
total amount invested _________ ?
$1000 required in interest ________ ?
(b) What amount should be invested at 3% to meet the requirement of $1000 per year in interest?
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