# SOLUTION: Frank has half of his investments in stock paying an 11% dividend and the other half in a debentured stock paying 13% interest. If his total annual interest is \$840, how much does

Algebra ->  Algebra  -> Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> SOLUTION: Frank has half of his investments in stock paying an 11% dividend and the other half in a debentured stock paying 13% interest. If his total annual interest is \$840, how much does      Log On

 Ad: You enter your algebra equation or inequality - Algebrator solves it step-by-step while providing clear explanations. Free on-line demo . Ad: Algebrator™ solves your algebra problems and provides step-by-step explanations! Ad: Algebra Solved!™: algebra software solves algebra homework problems with step-by-step help!

 Linear Solvers Practice Answers archive Word Problems Lessons In depth

 Click here to see ALL problems on Linear Equations And Systems Word Problems Question 52990This question is from textbook Intoductory Algebra : Frank has half of his investments in stock paying an 11% dividend and the other half in a debentured stock paying 13% interest. If his total annual interest is \$840, how much does he have invested. Find the equation(s) and solve using substitution or elimination.This question is from textbook Intoductory Algebra Answer by funmath(2925)   (Show Source): You can put this solution on YOUR website!Let the amount he invested at 11%=x Let the amount he invested at 13%=y He invested the same amount in both stocks, so x=y Interest(i)=principle(p)*rate(r)*time(t), but unless they specify that the time is different than one, i=p*r. So the amount of interest he gets at 11%=.11x The amount of interest he gets at 13%=.13y Add the two together and your interest is=840 Therefore your system of linear equations is: x=y .11x+.13y=840 ----------------Substitute the first equation into the second and you have: .11x+.13(x)=840 .24x=840 .24x/.24=840/.24 x=\$3,500 (the amount he invested at 11%) y=x so y=\$3,500 (the amount he invested at 13%) Add the two investments together to find out how much he invested all together: \$3,500+\$3,500=\$7,000 is the amount he has invested altogether.