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Answer:
$16,000 at 8% annual interest.
$12,000 at 6% annual interest.
Step-by-step explanation:
Let x be amount invested at a rate of 8% annual interest and y be the amount invested at a rate of 6% annual interest.
We have been given that an executive invests $28000, some at 8% and the rest at 6% annual interest. We can represent this information as:
We are also given that he received annual return of $2000. We can represent this information as:
We will use substitution method to solve our system of equations. From equation (1) we will get,
Substituting this value in equation (2) we will get,
Therefore, the executive has invested $12,000 at a rate of 6% annual interest.
Upon substituting y=12,000 in equation (1) we will get,
Therefore, the executive has invested $16,000 at a rate of 8% annual interest.