SOLUTION: Canadian airways shares pay a early return of 8%, while bancorp pay 11% tom invests 1500$ more on bankcorp than on Canadian airways shares and his total yearly earnings from both i
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Question 1151225: Canadian airways shares pay a early return of 8%, while bancorp pay 11% tom invests 1500$ more on bankcorp than on Canadian airways shares and his total yearly earnings from both investments is 1020$. how much did tom invest in Canadian airways shares. Answer by ikleyn(52810) (Show Source):
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Canadian airways shares pay a yearly return of 8%, while bancorp pay 11%. Tom invests 1500$ more on bankcorp
than on Canadian airways shares and his total yearly earnings from both investments is 1020$.
how much did tom invest in Canadian airways shares.
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Let x be the value under the question.
Then your basic equation is
0.08x + 0.11*(x+1500) = 1020 dollars.
Express x and calculate
x = = 4500.
ANSWER. $4500 invested at Canadian.
CHECK. 0.08*4500 + 0.11*(4500+1500) = 1020 dollars. ! Precisely correct !
Solved.
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It is a standard and typical problem on investments.
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).
