SOLUTION: Max invested $15,000 in two different funds. One earned 6% interest in the first year and the other earned 8%, for a total of $1100 in interest. Determine how much he invested in e

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Max invested $15,000 in two different funds. One earned 6% interest in the first year and the other earned 8%, for a total of $1100 in interest. Determine how much he invested in e      Log On

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Question 1079153: Max invested $15,000 in two different funds. One earned 6% interest in the first year and the other earned 8%, for a total of $1100 in interest. Determine how much he invested in each fund.
Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
x at 6%
15000-x at 8%
.06x+.08(15000-x)=1100
.06x+1200-.08x=1100
-.02x=-100
x=5000@ 6% ($300)
15000-x=10000@8%=($800)
total is $1100.