An executive invests $22,000 some at 7% ad some at 6% annual interest. If he receives an annual return of $1,420, how much is in
vested at each rate?
1 answer:
Answer:
he invested $10,000 at 7% and $12,000 at 6%
Step-by-step explanation:
- There are 2 equations that appear from this problem
- X+Y=22,000 and 0.07x + 0.06y = 1420
- Lets start by simplifying X+Y=22000
Y = 22000 - x
- now plug this into the Y value for the other equation
0.07x + 0.06(22000-x) = 1420
0.07x + 1320 -0.06x = 1420
0.01x = 100
X = 10000
- now plug 10000 into x for the simplified equation
Y = 22000 - 10000
Y = 12000
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