SOLUTION: In 1 year, Dee Wallace earned $660 in interest on two investments totaling $8,000. If he received 7% and 9% rates of return, how much did he invest at each rate

Algebra ->  Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> SOLUTION: In 1 year, Dee Wallace earned $660 in interest on two investments totaling $8,000. If he received 7% and 9% rates of return, how much did he invest at each rate      Log On


   

Question 235033: In 1 year, Dee Wallace earned $660 in interest on two investments totaling $8,000. If he received 7% and 9% rates of return, how much did he invest at each rate
Answer by solver91311(24713) About Me  (Show Source):
You can put this solution on YOUR website!


Let represent the amount invested at 9%. Then the amount invested at 7% must have been .

Then the amount of interest earned on the 9% investment must have been and the amount of interest earned on the 7% investment must have been

The sum of these two earned amounts is given at $660, so:



Just solve for to get the one amount and subtract that from 8000 to get the other amount.

John