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sasho [114]
3 years ago
15

Paul has $30,000 to invest. His intent is to earn 15% interest on his investment. He can invest part of his money at 8% interest

and part at 18% interest. How much does Paul eed to invest in each option to make a total 15% return on his $30,000?
A) 6% interest
B) 15% interest
Mathematics
1 answer:
jeka943 years ago
6 0

Answer:

Amount invested at 8% is $9000 and amount invested at 18% is $21000.

Step-by-step explanation:

Let amount invested at 8% be x.

Let amount invested at 18% be y.

We get the 1st equation as:

x+y=30000       ........(1)

We get the second equation as:

0.08x+0.18(y)=0.15\times30000

=> 0.08x+0.18y=4500

or getting rid of the decimal by multiplying by 100 on both sides.

8x+18y=450000          ........(2)

Multiplying (1) by 8 and subtracting from (2) we get

10y=210000  

So, y = 21000

And x+21000=30000

x = 30000-21000

So, x = 9000

Therefore, amount invested at 8% is $9000 and amount invested at 18% is $21000.

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