Question 231674: A janitor invested $11,000 for one year, part at 8%, and the rest at 11%. The 11% investment returns $450 more than the 8% investment. How much was invested at 11%?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! A janitor invested $11,000 for one year, part at 8%, and the rest at 11%. The 11% investment returns $450 more than the 8% investment. How much was invested at 11%?
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Let amount invested at 8% be "x".
Then amount invested at 11% is "11,000-x"
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Equation:
0.11(11000-x)-0.08x = 450
11(11000-x) - 8x = 45000
121000 - 11x - 8x = 45000
-19x = -76000
x = $4000 (amt invested at 8%
11000-x = $7000 (amt invested at 11%)
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Cheers,
Stan H.
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