SOLUTION: A man invests a portion of $3,600 at 8% annual interest and the balance at 7%. If he receives $264 interest during the first year, how much did he invest at each rate?
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Question 146917: A man invests a portion of $3,600 at 8% annual interest and the balance at 7%. If he receives $264 interest during the first year, how much did he invest at each rate? Answer by edjones(8007) (Show Source):
You can put this solution on YOUR website! Let x=amount invested at 8%, 3600-x=amount invested at 7%
.08x+.07(3600-x)=264
.08x+252-.07x=264
.01x=12
x=$1200.
3600-x=$2400.
.
Ed
