SOLUTION: Jimmy the Rat invested part of $20,000 at 12% annually and the rest at 14%. The total income from these investments is $2560. How much did Jim invest at each rate?

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Question 173781: Jimmy the Rat invested part of $20,000 at 12% annually and the rest at 14%. The total income from these investments is $2560. How much did Jim invest at each rate?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Jimmy the Rat invested part of $20,000 at 12% annually and the rest at 14%. The total income from these investments is $2560. How much did Jim invest at each rate?
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Equation:
interext + interest = 2560
0.12x + 0.14(20,000-x) = 2560
12x + 14*20000 - 14x = 256000
-2x = 256000-14*20000
-2x = -24000
x = $12,000 (amt invested at 12%)
20,000-x = $8,000 (amt invested at 14%)
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Cheers,
Stan H.