SOLUTION: I forget the steps on how to do this problem! My midterm is in a few hours, if you could help it would be much aprpeciated. You inherit $10,000 with the stipulation that for the

Click here to see ALL problems on Travel Word Problems

Question 274150: I forget the steps on how to do this problem! My midterm is in a few hours, if you could help it would be much aprpeciated.
You inherit $10,000 with the stipulation that for the first year the money must be invested
in two stocks paying 6% and 11% annual interest, respectively. How much should be
invested at each rate if the total interest earned for the year is to be $700?
Found 2 solutions by richwmiller, josmiceli:
Answer by richwmiller(17219) (Show Source):
You can put this solution on YOUR website!
x and 10000-x
.06x+.11*(10000-x)=700
x=8000 at 6 %
2000 at 11%

Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website!
Let = amount invested at 6%
Let = amount invested at 11%
given:
(1)

(2)
-------------------
Multiply both sides of (1) by
and subtract (1) from (2)
(2)
(1)

And, from (1),

$8000 should be invested at 6% and $2000 should be invested at 11%
check:
(2)
(2)

OK