SOLUTION: Mike invested $6000 for one year. He invested part of it at 9% and the rest at 11%. At the end of the year he earned $624 in interest. How much did he invest at each rate?
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Question 177097This question is from textbook
: Mike invested $6000 for one year. He invested part of it at 9% and the rest at 11%. At the end of the year he earned $624 in interest. How much did he invest at each rate? This question is from textbook
You can put this solution on YOUR website! Mike invested $6000 for one year. He invested part of it at 9% and the rest at 11%. At the end of the year he earned $624 in interest. How much did he invest at each rate?
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Equation:
interest + interest = interest
0.09x + 0.11(6000-x) = 624
9x + 11(6000-x) = 62400
9x + 66000 - 9x = 62400
-2x = - 3600
x = $1800 (amt. invested at 9%)
6000-x = $4200 (amt. invested at 11%)
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Cheers
Stan H.
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