You are given the total annual interest earned from a total of $12,000 invested in two funds paying the given rates of simple interest. Write and solve a system of equations to find the amount invested at each rate. Annual Interest $500, Rate 1 3% , Rate 2 5%.

The investment at 3% rate = 5000$

The investment at 5% rate = 7000$

Step-by-step explanation:

The following two equations will be developed.

1. x + y = 12000$

2. 3% (x) + 5% (y) = 500$

converting percentage

Solving these two equations will give the answer of x and y.

We will use the substitute method from equation 1

Inserting the value in second equation

Now substituting the value of y in Equation 1