SOLUTION: Bob has %23,000 invested, part at 4% and part at 5.5%. How much is invested at each rate, If his total annual return(invest) is %1,040.

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Question 397756: Bob has %23,000 invested, part at 4% and part at 5.5%. How much is invested at each rate, If his total annual return(invest) is %1,040.
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!


Hi, Previously posted.

Let x and ($23,000-x)represent the amounts invested at 5.5% and 4% respectively

Question states

.055x + .04(23,000-x)= $1,040

solving for x

    .015x + 920 = $1040 

        .015x = 120

            x = $8000, amount invested at 5.5%. $15000 invested at 4%