SOLUTION: a man invests $20000 to yield $1280 interest annually.If part of his investment pays 6% annually and the rest of his investment pays 7% annually,how much does he invest at each rat

Question 983191: a man invests $20000 to yield $1280 interest annually.If part of his investment pays 6% annually and the rest of his investment pays 7% annually,how much does he invest at each rate?

Answer by macston(5194) (Show Source): You can put this solution on YOUR website!
.
x=amount at 6%; y=amount at 7%
.
x+y=$20000
x=$20000-y
.
0.06x+0.07y=$1280
0.06($20000-y)+0.07y=$1280
$1200-0.06y+0.07y=$1280
0.01y=$80
y=$8000 ANSWER 1: $8000 was invested at 7%.
.
x=$20000-y
x=$20000-$8000
x=$12000 ANSWER 2: $12000 was invested at 6%.
.
CHECK:
0.06x+0.07y=$1280
0.06($12000)+0.07($8000)=$1280
$720+$560=$1280
$1280=$1280

RELATED QUESTIONS
Willard invests a part of 50 000 pesos in a bank paying 12% interest annually and the... (answered by richwmiller)

Mr. Sable invested $5000 in a mortgage that pays 9% interest annually. He bought bonds... (answered by Earlsdon)

rellie invests 12,000 pesos. A part of it earns 10% interrest annually ans the rest earns (answered by tutorcecilia)

An investor plans to invest part of 5,000$ in a stock that pays 8% interest annually. The (answered by checkley71,stanbon)

a) Grace invests �250,000 at a 6.5% interest rate annually. Compounding the interest... (answered by Theo)

Please help me solve this problem...im dying i need this today ... thank you Reliie... (answered by stanbon,Gerwally)

A professional football player received a $200,000 bonus for signing his contract. He... (answered by mananth)

Sergio invests part of his 90,000 at 4% and the rest at 3%. How much is invested at each... (answered by lynnlo,mananth)

Sergio invests part of his 90,000 PESOS at 4% and the rest at 3%. How much money is... (answered by mananth)