SOLUTION: A broker has invested $21,000 in two mutual funds, one earning 9% annual interest and the other 14%. After 1 year, his combined interest is $2,790. How much was invested at each
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Question 1126322: A broker has invested $21,000 in two mutual funds, one earning 9% annual interest and the other 14%. After 1 year, his combined interest is $2,790. How much was invested at each rate??
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
the total is 21,000
part of it at 9%, let it be x
the rest at 14% will be 21,000-x
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0.09x + 0.14(21,000-x) = 2,790
0.09x + 2,940 - 0.14x
-0.05x = -150 divide -150/-0.05 and remember -/- = +
x = 3,000
The broker has $3,000 invested at 9% and 21,000-3000 = 18,000 at 14%
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