SOLUTION: a man made two investments one at 8% and another at 10% if the total annual simple interest is $1760 and the total amount invested is $20000 how much was invested at each rate

Question 622389: a man made two investments one at 8% and another at 10% if the total annual simple interest is $1760 and the total amount invested is $20000 how much was invested at each rate
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!

 

Hi,

Let x represent the amount invested at larger interest rate

 Question states***

 .10x + .08(20000 - x) = $1760

       .02x = 1760 - 1600

      .02x = 160

         x = $8000 (smount at 10%).  Amount at 8% was $12,000

And

CHECKING our Answer***

 $800 + $960 = $1760 

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