SOLUTION: I invested $2000 more in stocks paying 11% than in an account payomg 6%. If my average interest rate was 9 1/2%, how much did I invest in all?
Question 304947: I invested $2000 more in stocks paying 11% than in an account payomg 6%. If my average interest rate was 9 1/2%, how much did I invest in all? Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website! The average interest rate is:
(interest income from 11% account + interest income from 6% account)/(total amount invested in both) = 9.5%
Let = amount invested @ 6%
Then = amount invested @ 11%
and
You invested $5000 in all
check:
OK
