SOLUTION: Lian Chen invested $24,000, part at 8% and the rest at 7.2%. How much did she invest at each rate if her income from the 8% investment is two thirds that of the 7.2% investment?

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Question 30114: Lian Chen invested $24,000, part at 8% and the rest at 7.2%. How much did she invest at each rate if her income from the 8% investment is two thirds that of the 7.2% investment?
Answer by checkley71(8403) About Me  (Show Source):
You can put this solution on YOUR website!
The equAtion is: .08I=2/3x.072(24000-I) I being the amount invested @ 8%.
.08I=.048(24,000-I)
.08I=1,152-.048I
.128I=1,152
I=1,152/.128
I=9,000 or the amount invested @ 8% and the amount invested @7.2% is 15,000.
Interest from the 8% investment is $720 while the interest from the $15,000 investment is $1,080. $720 is 2/3 of $1080.