Question 287783: A total of 9000dollars was invested, part at 6% and the rest at 3% per year. if the annual return from both investments was 396dollars,how much was invested at each rate?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! A total of 9000 dollars was invested, part at 6% and the rest at 3% per year. if the annual return from both investments was 396dollars,how much was invested at each rate?
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Quantity Equation: x + y = 9000
Interest Equation: 0.06x + 0.03y = 396
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Multiply thru Quantity Eq. by 6
Multiply thru Value Eq. by 100
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6x + 6y = 6*9000
6x + 3y = 39600
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Subtract 2nd from 1st and solve for "y":
3y = 14400
y = $4800
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Since x+y=9000, x = $4200
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Cheers,
Stan H.
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