SOLUTION: Mr. Jones has $25,000 to invest. he invests part at 8% and the rest at 9%. if he earns $2,120 in interest after 1 year, how much did he invest at each rate?

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Question 1111729: Mr. Jones has $25,000 to invest. he invests part at 8% and the rest at 9%. if he earns $2,120 in interest after 1 year, how much did he invest at each rate?
Answer by ikleyn(52776)   (Show Source): You can put this solution on YOUR website!
.
0.08*x + 0.09*(25000-x) = 2120


solve for x, the investment amount at 8%.

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To see many other similar solved problems on investment,  look into the lesson
    - Using systems of equations to solve problems on investment
in this site.

You will find there different approaches  (using one equation or a system of two equations in two unknowns),  as well as
different methods of solution to the equations  (Substitution,  Elimination).

Also,  you have this free of charge online textbook in ALGEBRA-I in this site
    - ALGEBRA-I - YOUR ONLINE TEXTBOOK.

The referred lesson is the part of this online textbook under the topic  "Systems of two linear equations in two unknowns".


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Free of charge online textbook in ALGEBRA-I
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