SOLUTION: Pete won $10 000 in a lottery. He invested his winnings, part at 10% per annum and part at 11% per annum. If the total interest earned was %1060, how much was invested at each ra

Algebra ->  College  -> Linear Algebra -> SOLUTION: Pete won $10 000 in a lottery. He invested his winnings, part at 10% per annum and part at 11% per annum. If the total interest earned was %1060, how much was invested at each ra      Log On


   

Question 130093: Pete won $10 000 in a lottery. He invested his winnings, part at 10% per annum and part at 11% per annum. If the total interest earned was %1060, how much was invested at each rate?
Answer by checkley71(8403) About Me  (Show Source):
You can put this solution on YOUR website!
.11X+.10(10,000-X)=1,060
.11X+1,000-.10X=1,060
.01X=1,060-1,000
.01X=60
X=60/.01
X=6,000 AMOUNT INVESTED @ 11%.
10,000-6,000=4,000 INVESTED @ 10%.
PROOF
.11*6,000+.10*4,000=1,060
660+400=1,060
1,060=1,060