Question 124694: Stan invested $26,000, part at 11% and part at 8%. If the total interest at the end of the year is $2,560, how much did he invest at 11%?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Stan invested $26,000, part at 11% and part at 8%. If the total interest at the end of the year is $2,560, how much did he invest at 11%?
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Let "x" be amt. at 11% ; interest = 0.11x dollars
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Amt at 8% is "26000-x" ; interest is 0.08(26000-x)= 2080-0.08x dollars
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EQUATION:
interest + interet = 2560 dollars
0.11x + 2080-0.08x = 2560
0.03x = 480
x = $16000 (amt. invested at 11%)
26000-16000= $10,000 (amt invested at 8%)
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Cheers,
Stan H.
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