SOLUTION: Two investments totaling
$56,000 produce an annual income of $1400. One investment yields
4% per year, while the other yields
2% per year. How much is invested at each rate
Algebra.Com
Question 1049577: Two investments totaling
$56,000 produce an annual income of $1400. One investment yields
4% per year, while the other yields
2% per year. How much is invested at each rate?
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
Two investments totaling $56,000 produce an annual income of $1400.
One investment yields 4% per year, while the other yields 2% per year.
How much is invested at each rate?
:
let x = amt invested at 4%
the total of the 2 investments is $56,000, therefor:
(56000-x) = amt invested at 2%
:
Total interest equation
.04x + .02(56000-x) = 1400
.04x + 1120 - .02x = 1400
.04x - .02x = 1400 - 1120
.02x = 280
x = 280/.02
x = $14000 invested at 4%
:
I'll let you find the amt invested a 2%.
Check your solutions by finding the sum of the actual amt invested in each
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