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Question 1161988: Paul has $30,000 to invest. His intent is to earn 15% interest on his investment. He can invest part of his money at 7% interest and part at 17% interest. How much does Paul need to invest in each option to make a total 15% return on his $30,000?
7% interest $
17% interest $
Answer by Theo(13342)   (Show Source):
You can put this solution on YOUR website! x = the 7% investment and y = the 17% investment.
x + y = 30,000
.07x + .17y = .15 * 30,000 = 4500
multiply both sides of first equation by .07 and leave second equation as is to get:
.07x + .07y = 2100
.07x + .17y = 4500
subtract first equation from the second to get:
.10y = 2400
solve for y to get y = 24000
solve for x to get x = 6000
confirm by r replacing x and y with 6000 and 24000 respectfully in the second original equation to get:
.07 * 6000 + .17 * 24000 = 4500.
this confirms that the solution is correct.
the solution is:
6000 invested at 7% and 24000 invested at 17%.
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