SOLUTION: If $2,000 is invested at 8% interest, how much money must be invested at 11% interest so that the total return for both investments averages 10%?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: If $2,000 is invested at 8% interest, how much money must be invested at 11% interest so that the total return for both investments averages 10%?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 672346: If $2,000 is invested at 8% interest, how much money must be invested at 11% interest so that the total return for both investments averages 10%?
Answer by lwsshak3(11628) About Me  (Show Source):
You can put this solution on YOUR website!
If $2,000 is invested at 8% interest, how much money must be invested at 11% interest so that the total return for both investments averages 10%?
**
let x=amt of money must be invested at 11%
8%(2000)=interest earned with 8% investment
11%x=interest earned with 11% investment
return on investments=10%
(.08(2000)+.11x)/2000+x=10%
160+.11x=200+.10x
.01x=40
x=4000
amt of money must be invested at 11% interest=$4000