SOLUTION: Paul has $40,000 to invest. His intent is to earn 15% interest on his investment. He can invest part of his money at 6% interest and part at 18% interest. How much does Paul need t

Algebra ->  Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> SOLUTION: Paul has $40,000 to invest. His intent is to earn 15% interest on his investment. He can invest part of his money at 6% interest and part at 18% interest. How much does Paul need t      Log On


   

Question 1037501: Paul has $40,000 to invest. His intent is to earn 15% interest on his investment. He can invest part of his money at 6% interest and part at 18% interest. How much does Paul need to invest in each option to make a total 15% return on his $40,000?
Answer by jorel555(1290) About Me  (Show Source):
You can put this solution on YOUR website!
Let n be the part invested at 18%. Then:
.18n+.06(40000-n)=.15(40000)
.18n+2400-.06n=6000
.12n=3600
n=3600/.12=$30000 at 18%, $10000 at 6%!!!!!!!!!!!!!