SOLUTION: Lina Chen invested $24,000, part at 8% and the rest at 7.2%. How much did she invest at each rate of her income from the 8% investment is two thirds that of the 7.2% investment?
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Question 986150: Lina Chen invested $24,000, part at 8% and the rest at 7.2%. How much did she invest at each rate of her income from the 8% investment is two thirds that of the 7.2% investment? Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! x=invested at 8%
y=invested at 7.2%
;
x+y=24,000
.08x=(2/3)(.072)y
.08x=0.048y
x=0.6y
substituting
1.6y=24,000
y=$15,000 invested at 7.2%=$1080 per year
x=$9000 invested at 8%=$720 per year.
$720 is 2/3 of $1080.
