SOLUTION: An executive invests $24000 some at 6% and the rest at 5% annual interest. If he receives an annual return of $1320 how much is invested at each rate
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Question 1094428: An executive invests $24000 some at 6% and the rest at 5% annual interest. If he receives an annual return of $1320 how much is invested at each rate Answer by addingup(3677) (Show Source):
You can put this solution on YOUR website! Let the amount invested at 6% be x.
Then, the amount at 5% will be 24000-x
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0.06x + 0.05(24000 - x) = 1320
0.06x + 1200 - 0.05x = 1320
0.01x = 120
x = 120/0.01 = 12000 this is the amount invested at 6%
The amount at 5%: 24000 - 12000 = 12000
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Check:
12000*0.06 = 720
12000*0.05 = 600
. . . . . . _____
Total . . . 1320 Correct
