SOLUTION: A financial planner recommended that part of the client�s 600000 Pesos cash account be invested in preferred stock earning 9% annual simple interest. The remainder of the client�s

Question 1011653: A financial planner recommended that part of the client�s 600000 Pesos cash account be invested in preferred stock earning 9% annual simple interest. The remainder of the client�s cash was placed in Treasury bong earning 7% annual simple interest. The total annual interest earned from two investments was 51000 Pesos. Find the amount invested at each rate.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
A financial planner recommended that part of the client�s 600000 Pesos cash account be invested in preferred stock earning 9% annual simple interest. The remainder of the client�s cash was placed in Treasury bong earning 7% annual simple interest. The total annual interest earned from two investments was 51000 Pesos. Find the amount invested at each rate.
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p + t = 600000
9p + 7t = 5100000
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Modify for elimination.
9p + 9t = 5400000
9p + 7t = 5100000
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2t = 300000
t = $150,000
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p = $450,000
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Cheers,
Stan H.
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