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

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Question 274178: 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?
Answer by solver91311(24713)   (Show Source): You can put this solution on YOUR website!

Let represent the amount invested at 11%. Then the amount invested at 6% has to be

The amount of interest earned on the 11% investment is then and the amount of interest earned on the 6% investment is . These two amounts must add up to $700, so:



Just solve for

John
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