SOLUTION: an executive invests $21,000, some at 7% and the rest at 4% annual interests. If he receives an annual return of $1,320, how much is invested at each rate?

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Question 1093888: an executive invests $21,000, some at 7% and the rest at 4% annual interests. If he receives an annual return of $1,320, how much is invested at each rate?
Answer by addingup(3677) About Me  (Show Source):
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0.07x + 0.04(21,000-x) = 1320
0.07x + 840-0.04x = 1320
0.03x = 480
x = 16,000 this is the amount at 7%
The rest: 21,000-16,000 = 5,000 this is the amount at 4%