SOLUTION: If $1,000 is invested at 4% interest, how much money must be invested at 11% interest so that the total return for both investments averages 10%?

SOLUTION: If $1,000 is invested at 4% interest, how much money must be invested at 11% interest so that the total return for both investments averages 10%?

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Question 214474: If $1,000 is invested at 4% interest, how much money must be invested at 11% interest so that the total return for both investments averages 10%?
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
1,000*.04+.11x=.10(1000+x)
40+.11x=100+.10x
.11x-.10x=100-40
.-1x=60
x=60/.01
x=$6000 is the amount invested @ 11%.
Proof:
1000*.04+.11*6000=.10(1000+6000)
40+660=.10*7000
700=700

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