SOLUTION: A man invested part of 10,000 @ 6% and the rest @ 7%. The annual income from the 7% was 35 less than seven times the annual income from the 6% investment. How much did he invest at
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Question 1025269: A man invested part of 10,000 @ 6% and the rest @ 7%. The annual income from the 7% was 35 less than seven times the annual income from the 6% investment. How much did he invest at each rate? Answer by fractalier(6550) (Show Source):
You can put this solution on YOUR website! Call what he invests at 6%, x. Thus he invests 10000-x at 7%.
The interest he gets from each is .06x and .07(10000-x).
So we set this up like this
.07(10000-x) = 7(.06x) - 35
Now solve for x...
700 - .07x = .42x - 35
735 = .49x
x = $1500 at 6% and thus
10000-x = $8500 at 7%
