SOLUTION: In 1 year, Dee Wallace earned $660 in interest on two investments totaling $8,000. If he received 7% and 9% rates of return, how much did he invest at each rate
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Question 235033: In 1 year, Dee Wallace earned $660 in interest on two investments totaling $8,000. If he received 7% and 9% rates of return, how much did he invest at each rate
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
Let 
represent the amount invested at 9%. Then the amount invested at 7% must have been 
.
Then the amount of interest earned on the 9% investment must have been 
and the amount of interest earned on the 7% investment must have been )
The sum of these two earned amounts is given at $660, so:
\ =\ 660)
Just solve for to get the one amount and subtract that from 8000 to get the other amount.
John
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