Question 835966: An executive invests $28,000, some at 8% and some at 6% annual interest. If he receives an annual return of $2,000, how much is invested at each rate?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! An executive invests $28,000, some at 8% and some at 6% annual interest. If he receives an annual return of $2,000, how much is invested at each rate?
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Equations:
Quantity:: e + s = 28000
Interest::8e +6s = 2000*100
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Modify for elimination::
6e + 6s = 6*28000
8e + 6s = 200000
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Subtract and solve for "e"::
2e = 32000
e = $16000 (amt. invested at eight%)
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Solve for "s":
s = 28000-16000 = 12000 (amt invested at six%
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Cheers,
Stan H.
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