SOLUTION: Ms. Smith has part of $1240 invested at 9% and the rest at 6.5%. If the annual return from the two investments is the same, how much is invested at each rate?

Algebra ->  Finance -> SOLUTION: Ms. Smith has part of $1240 invested at 9% and the rest at 6.5%. If the annual return from the two investments is the same, how much is invested at each rate?       Log On


   

Question 1170078: Ms. Smith has part of $1240 invested at 9% and the rest at 6.5%. If the annual return from the two investments is the same, how much is invested at each rate?
Answer by ikleyn(52786) About Me  (Show Source):
You can put this solution on YOUR website!
.

Let x be the amount invested at 9%.

Then the amount invested at 6.5% is  1240-x  dollars.


From the condition, you have this equation


    0.09x = 0.065*(1240-x).


From this point, complete the solution on your own.