SOLUTION: Mr. Smith invested $18,000 part at 8% and the rest at 10%. The annual income from the 10% investment is $360 more than the annual income from the 8% investment. Find the amount in
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Question 165280: Mr. Smith invested $18,000 part at 8% and the rest at 10%. The annual income from the 10% investment is $360 more than the annual income from the 8% investment. Find the amount invested at each rate. Answer by nerdybill(7384) (Show Source):
You can put this solution on YOUR website! Let x = amount invested at 8%
then because "total invested was 18000"
18000-x = amount invested at 10%
.
.10(18000-x) = .08x + 360
1800 - .10x = .08x + 360
1800 = .18x + 360
1440 = .18x
1440/.18 = x
$8000 = x (amount invested at 8%)
.
Amount invested at 10%:
18000-x = 18000-8000 = $10000 (amount invested at 10%)
