SOLUTION: jack wants to invests $1550. he finds two banks that provide a rate of 6% and 8% respectively. how should he invest in order to get a yearly return of $105?

SOLUTION: jack wants to invests $1550. he finds two banks that provide a rate of 6% and 8% respectively. how should he invest in order to get a yearly return of $105?

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Question 1081219: jack wants to invests $1550. he finds two banks that provide a rate of 6% and 8% respectively. how should he invest in order to get a yearly return of $105?

Answer by jorel1380(3719) (Show Source): You can put this solution on YOUR website!
Let n and 1550-n be the amounts invested at 6%, and 8%, respectively. Then:
.08n+.06(1550-n)=105
.02n=12
n=$600 invested at 8%, $950 invested at 6%. ☺☺☺☺
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