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Free_Kalibri [48]
4 years ago
11

An executive invests $26,000, some at 7% and some at 5% annual interest. If he receives an annual return of $1580, how much is i

nvested at each rate?
Mathematics
1 answer:
Dmitriy789 [7]4 years ago
6 0

Answer:

He invest $14000 for 7% and $12000 for 5%.

Step-by-step explanation:

Consider the provided information.

Let executive invest x for 7% and 26000-x for 5%.

The annual return is $1580.

Therefore, the required equation is:

\frac{7}{100} x+\frac{5}{100}(26000-x)=1580

0.07x+0.05(26000-x)=1580

0.07x+1300-0.05x=1580

0.02x=280

x=14000

26000-14000=12000

Therefore, he invest $14000 for 7% and $12000 for 5%.

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