SOLUTION: Vince invested $24,000 for one year, part at 10% and part at 8%. If he earned a total of $2280, how much was invested at each rate?

Question 1112771: Vince invested $24,000 for one year, part at 10% and part at 8%. If he earned a total of $2280, how much was invested at each rate?
Answer by ikleyn(52832) (Show Source): You can put this solution on YOUR website!
.

0.1x + 0.08*(24000-x) = 2280

0.1x + 0.08*24000 - 0.08x = 2280

0.02x = 2280 - 0.08*24000 = 360  ====>  x =  = 18000.


Answer.   18000 dollars invested at 10% and the rest, 24000-18000= 6000 dollars was invested at 8%.


Check.  0.1*18000 + 0.08*6000 = 2280  dollars.   ! Correct !

Solved.

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To see many other similar solved problems on investment, look into the lesson
- Using systems of equations to solve problems on investment
in this site.

You will find there different approaches (using one equation or a system of two equations in two unknowns), as well as
different methods of solution to the equations (Substitution, Elimination).

Also, you have this free of charge online textbook in ALGEBRA-I in this site
- ALGEBRA-I - YOUR ONLINE TEXTBOOK.

The referred lesson is the part of this online textbook under the topic "Systems of two linear equations in two unknowns".

Save the link to this online textbook together with its description

Free of charge online textbook in ALGEBRA-I
https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson

to your archive and use it when it is needed.

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