SOLUTION: Lina 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
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: Lina 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
Log On
Question 669866: Lina 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
I've started off with
Price * Rate = Interest
8% x 2/3(24000-x) x * (2/3(24000-x))
7.2% 24000-x Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website! = amount invested @ 8% = amount invested @ 7.2%
given:
(1)
(2)
------------------------
(1)
Multiply both sides of (2) by
(2)
(2)
By substitution:
(2)
(2)
(2)
(2)
and, since
(1)
(1)
(1)
$9,000 was invested @ 8%
$15,000 was invested @ 7.2%
check:
(2)
(2)
(2)
(2)
(2)
OK
