SOLUTION: A total of $27,000 was invested, part at 10%and part at 12%. The total yield(total interest) was $2990. How much money was investedat each rate?
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Question 188051: A total of $27,000 was invested, part at 10%and part at 12%. The total yield(total interest) was $2990. How much money was investedat each rate? Answer by solver91311(24713) (Show Source):
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Let x represent the amount invested at 12%. So the amount of interest earned on that part of the investment was 0.12x. The rest of the money, or 27,000 - x is the amount invested at 10%, so the amount of interest earned on that part of the investment was 0.10(27,000 - x). And these two amounts of interest add up to $2,990.
Solve for x to get one amount, subtract that value from 27000 to get the other.
