SOLUTION: Rachel has $20,000 to invest. She plans to invest part at 5%, with the remainder invested at 6%. Find the amount invested at each rate if the total annual interest income is $1060

Algebra ->  Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> SOLUTION: Rachel has $20,000 to invest. She plans to invest part at 5%, with the remainder invested at 6%. Find the amount invested at each rate if the total annual interest income is $1060      Log On


   

Question 241497: Rachel has $20,000 to invest. She plans to invest part at 5%, with the remainder invested at 6%. Find the amount invested at each rate if the total annual interest income is $1060
Answer by checkley77(12844) About Me  (Show Source):
You can put this solution on YOUR website!
.06x+.05(20,000-x)=1,060
.06x+1,000-.05x=1,060
.01x=1,060-1,000
.01x=60
x=60/.01
x=6,000 invested @ 6%
20,000-6,000=14,000 invested @ 55
Proof:
.06*6,000+.05*14,000=1,060
360+700=1,060
1,060=1,060