SOLUTION: Vince invested $24,000 for one year, part at 10% and part at 8%. If he earned a total of $2280, how much was invested at each rate?

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Question 1112771: Vince invested $24,000 for one year, part at 10% and part at 8%. If he earned a total of $2280, how much was invested at each rate?
Answer by ikleyn(52818) About Me  (Show Source):
You can put this solution on YOUR website!
.
0.1x + 0.08*(24000-x) = 2280

0.1x + 0.08*24000 - 0.08x = 2280

0.02x = 2280 - 0.08*24000 = 360  ====>  x = 360%2F0.02 = 18000.


Answer.   18000 dollars invested at 10% and the rest, 24000-18000= 6000 dollars was invested at 8%.


Check.  0.1*18000 + 0.08*6000 = 2280  dollars.   ! Correct !

Solved.

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To see many other similar solved problems on investment,  look into the lesson
    - Using systems of equations to solve problems on investment
in this site.

You will find there different approaches  (using one equation or a system of two equations in two unknowns),  as well as
different methods of solution to the equations  (Substitution,  Elimination).

Also,  you have this free of charge online textbook in ALGEBRA-I in this site
    - ALGEBRA-I - YOUR ONLINE TEXTBOOK.

The referred lesson is the part of this online textbook under the topic  "Systems of two linear equations in two unknowns".


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Free of charge online textbook in ALGEBRA-I
https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson

to your archive and use it when it is needed.