SOLUTION: An executive invests $10,000,some at 9% and some at 8% annual interest. If he receives an annual return of $830, how much is invested at each rate?

Question 563812: An executive invests $10,000,some at 9% and some at 8% annual interest. If he receives an annual return of $830, how much is invested at each rate?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
An executive invests $10,000,some at 9% and some at 8% annual interest. If he receives an annual return of $830, how much is invested at each rate?
------------------
Equations:
x + y = 10,000
0.09x + 0.08y = 830
-------------------------
Multiply thru 1st by 9
Multiply thru 2nd by 100
-------------------------
9x + 9y = 9*10,000
9x + 8y = 83000
----
Subtract and solve for "y":
y = $7000 (amt. invested at 9%)
x = $3000 (amt. invested at 8%
=================================
Cheers,
Stan H.
============
RELATED QUESTIONS
An executive invests $26,000, some at 8% and some at 4% annual interest. If he receives... (answered by mananth)

An executive invests $28,000, some at 8% and some at 6% annual interest. If he receives... (answered by stanbon)

An executive invests $28,000, some at 8% and some at 4% annual interest. If he receives... (answered by TimothyLamb)

An executive invests $21,000, some at 8% and some at 6% annual interest. If he receives... (answered by addingup,MathTherapy)

An executive invests 22000, some at 7% and some at 6% annual interest. If he receives an... (answered by Fombitz)

An executive invests $22,000, some at 7% and some at 5% annual interest. If he receives... (answered by Fombitz)

An executive invests $22,000, some at 6% and some at 4% annual interest. If he receives... (answered by mananth)

An executive invests $24,000, some at 5% and some at 4% annual interest. If he... (answered by checkley79)

An executive invests $23,000, some at 6% and some at 4% annual interest. If he receives... (answered by xinxin)