document.write( "Question 338604: Wendy, a loan officer at a bank, has $1,000,000 to lend and is required to obtain an average return of 8% per year. If she can lend at the rate of 7% or at the rate of 11%, how much can she lend at the 7% rate and still meet her requirement? \n" ); document.write( "
Algebra.Com's Answer #242797 by nyc_function(2741)\"\" \"About 
You can put this solution on YOUR website!
We use the simple interest formula I = Prt where I = interest earned, P = principal invested, r = rate, and t = time\r
\n" ); document.write( "\n" ); document.write( "We want an I of (1000000 * 0.08) = $80,000\r
\n" ); document.write( "\n" ); document.write( "let x = amount loaned at 7%
\n" ); document.write( "(1000000 - x) = amount loaned at 11%\r
\n" ); document.write( "\n" ); document.write( "So...\r
\n" ); document.write( "\n" ); document.write( "80000 = x(0.07)(1) + (1000000 - x)(0.11)(1)
\n" ); document.write( "80000 = 0.07x + 110000 - 0.11x
\n" ); document.write( ".04x = 30000
\n" ); document.write( "x = 30000/0.04
\n" ); document.write( "x = $750,000\r
\n" ); document.write( "\n" ); document.write( "To check:
\n" ); document.write( "750000 * 0.07 = 52500
\n" ); document.write( "250000 * 0.11 = 27500
\n" ); document.write( "52500 + 27500 = 80000\r
\n" ); document.write( "\n" ); document.write( "I hope this helps.
\n" ); document.write( " \n" ); document.write( "
\n" );