SOLUTION: A broker has invested $21,500 in 2 mutual funds, one earning 9% annual interest and the other earning 14%. After 1 year, his combined interest is $2860. How much was invested at ea

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: A broker has invested $21,500 in 2 mutual funds, one earning 9% annual interest and the other earning 14%. After 1 year, his combined interest is $2860. How much was invested at ea      Log On

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Question 1130942: A broker has invested $21,500 in 2 mutual funds, one earning 9% annual interest and the other earning 14%. After 1 year, his combined interest is $2860. How much was invested at each rate?
Answer by josgarithmetic(39625) About Me  (Show Source):
You can put this solution on YOUR website!
x at 9%
y at 14%
system%28x%2By=21500%2C0.09x%2B0.14%2821500-x%29=2860%29

Simplify the interest equation and solve for x.