document.write( "Question 5066: Please help I really stuck on this one!! A loan officer at a bank has $1,000,000 to lend and is required to obtain an average return of 18% per year. If he can lend at the rate of 19% and the rate of 16%, how much can he lend at the 16% rate and still meet his requirement? Please I've tried a MILLION ways..I just dont get it??? Thanks Caroline \n" ); document.write( "
Algebra.Com's Answer #2539 by rapaljer(4671)![]() ![]() You can put this solution on YOUR website! Let x = amount invested at 16%. The rest of the $1,000,000, which is \n" ); document.write( "1000000-x = amountinvested at 19%. The total investment must be 18% of $1000000.\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( ".16x + .19(1000000-x) = .18(1000000) \n" ); document.write( ".16x + 190000 - .19x = 180000 \n" ); document.write( "-.03x = -10000\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "Divide both sides by -.03 \n" ); document.write( " \n" ); document.write( "x = $333,333.33 at 16%\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "R^2 at SCC \n" ); document.write( " \n" ); document.write( " |