SOLUTION: A small company has $24,000 to invest. It invested some of the money in a bank that paid 8% annual simple interest. The rest of the money was invested in stocks that paid dividends

Question 178776: A small company has $24,000 to invest. It invested some of the money in a bank that paid 8% annual simple interest. The rest of the money was invested in stocks that paid dividends equivalent to 11% annual simple interest. t the end of 1 year, the combined income form these investments was $2,340. How much was originally invested in stocks?
Answer by Mathtut(3670) (Show Source): You can put this solution on YOUR website!
let x and y be the amount of money invested at 8 and 11%, respectively
:
x+y=24000.........eq 1
.08x+.11y=2340....eq 2
:
rewrite eq 1 to x=24000-y and plug that value into eq 2
:
.08(24000-y)+.11y=2340
:
1920-08y+.11y=2340
:
.03y=420
:
$invested at 11%
:
$invested at 8%
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