document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1161616>Question 1161616</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A stock broker is required to keep $100,000 in low-risk funds. He splits the money between a fund that has an interest rate of 9.2% and one that pays 8.6%. In the first year, the money earns $8960 in interest. How much of the $100,000 was invested in the fund with 9.2% interest? </SPAN>\n" );
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document.write( "Without formal algebra....<br><BR>\n" );
document.write( "(1) All $100,000 at 8.6% would yield $8600 interest; all at 9.2% would yield $9200 interest.<BR>\n" );
document.write( "(2) The actual interest of $8960 is 3/5 of the way from $8600 to $9200.  ($8600 to $9200 is a difference of $600; $8600 to $8960 is a difference of $360; 360/600 = 3/5.)<BR>\n" );
document.write( "(3) That means 3/5 of the total was invested at the higher rate.<br><BR>\n" );
document.write( "ANSWER: 3/5 of $100,000, or $60,000, at 9.2%; the other $40,000 at 8.6%.<br><BR>\n" );
document.write( "CHECK:<BR>\n" );
document.write( ".086(40,000)+.092(60,000) = 3440+5520 = 8960<br><BR>\n" );
document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );