SOLUTION: Mr.Smith has $20,000 invested, part at 6% and the remainder at 8%. How much does he have invested at each rate if the annual intrest is $3100?

Algebra ->  Customizable Word Problem Solvers  -> Misc -> SOLUTION: Mr.Smith has $20,000 invested, part at 6% and the remainder at 8%. How much does he have invested at each rate if the annual intrest is $3100?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 296360: Mr.Smith has $20,000 invested, part at 6% and the remainder at 8%. How much does he have invested at each rate if the annual intrest is $3100?
Answer by checkley77(12844) About Me  (Show Source):
You can put this solution on YOUR website!
.08x+.06(20,000-x)=3,100
.08x+1,200-.06x=1,300
.02x=1,300-1,200
.02x=100
x=100/.02
x=5,000 invested @ 8%.
20,000-5,000=15,000 invested @ 6%
Proof:
.08*5,000+.06*15,000=3,100
400+900=1,300
1,300=1,300