SOLUTION: Please help I really stuck on this one!! A loan officer at a bank has $1,000,000 to lend and is required to obtain an average return of 18% per year. If he can lend at the rate o

Question 5066: Please help I really stuck on this one!! A loan officer at a bank has $1,000,000 to lend and is required to obtain an average return of 18% per year. If he can lend at the rate of 19% and the rate of 16%, how much can he lend at the 16% rate and still meet his requirement? Please I've tried a MILLION ways..I just dont get it??? Thanks Caroline
Answer by rapaljer(4671) (Show Source): You can put this solution on YOUR website!
Let x = amount invested at 16%. The rest of the $1,000,000, which is
1000000-x = amountinvested at 19%. The total investment must be 18% of $1000000.

.16x + .19(1000000-x) = .18(1000000)
.16x + 190000 - .19x = 180000
-.03x = -10000

Divide both sides by -.03
, which is 1/3 of the million dollars:
x = $333,333.33 at 16%

R^2 at SCC

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