SOLUTION: Mr. Gulsby had $15,000 to invest, part at 12% and the rest at 6%. If he wants an annual return of at least $1,500, what amount should he invest at each rate?

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Question 260865: Mr. Gulsby had $15,000 to invest, part at 12% and the rest at 6%. If he wants an annual return of at least $1,500, what amount should he invest at each rate?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Mr. Gulsby had $15,000 to invest, part at 12% and the rest at 6%. If he wants an annual return of at least $1,500, what amount should he invest at each rate?
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Quantity Equation: x + y = 15000
Interest Equation:0.12x + 0.06y = <= 1500
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Multiply 1st by 12
Multiply 2n by 100
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12x + 12y = 12*15000
12x + 6y <= 10*15000
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Subtract 2nd from 1st and solve for "y":
6y = 2*15000
y = 5000 (amount invested at 6%
Since x + y = 15000, x = 10,000 (amount to be invested at 12%)
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Cheers,
Stan H.