Answer:
- 7% interest = $10,000
- 13% interest = $20,000
Step-by-step explanation:
First find out what an 11% return on $30,000 is.
= 11% * 30,000
= $3,300
Use simultaneous equations.
Assume the amount to be invested in to make a 7% interest is x and the amount for a 13% interest is y.
0.07x + 0.13y = 3,300
x + y = 30,000
y = 30,000 - x
0.07x + 0.13 (30,000 - x) = 3,300
0.07x + 3,900 - 0.13x = 3,300
0.07x - 0.13x = 3,300 - 3,900
-0.06x = -600
x = -600 / -0.06
x = $10,000
y = 30,000 - x
= 30,000 - 10,000
y = $20,000
