SOLUTION: An executive invests $21,000, some at 8% and some at 6% annual interest. If he receives an annual return of $1,600 how much is invested at each rate
Question 1017459: An executive invests $21,000, some at 8% and some at 6% annual interest. If he receives an annual return of $1,600 how much is invested at each rate Found 2 solutions by addingup, MathTherapy:Answer by addingup(3677) (Show Source): You can put this solution on YOUR website! He invests 21000:
some at 8%. Let's call this x.
And the rest at 6%. The rest is 21000-x
The annual return is 1600
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0.08x+0.06(21000-x)= 1600
0.08x+1260-0.06x = 1600
0.02x = 240
x= 12,000 is invested at 8% and
21,000-12,000 = 9,000 is at 6%
J Answer by MathTherapy(10551) (Show Source): You can put this solution on YOUR website!
An executive invests $21,000, some at 8% and some at 6% annual interest. If he receives an annual return of $1,600 how much is invested at each rate