SOLUTION: You inherit $10,000 with the stipulation that you for the first year the money must be invested in two stocks paying 6% and 11% annual interest respectively. How much should be inv

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Question 313990: You inherit $10,000 with the stipulation that you for the first year the money must be invested in two stocks paying 6% and 11% annual interest respectively. How much should be invested at each rate if the total interest earned for the the year is to be be $700?
Answer by checkley77(12844) About Me  (Show Source):
You can put this solution on YOUR website!
.11x+.06(10,000-x)=700
.11x+600-.06x=700
.05x=700-600
.05x=100
x=100/.05
x=2,000 the amount invested @ 11%.
10,000-2,000=8,ooo the amount invested @ 6%.
Proof:
.11*2,000+.06*8,000=700
220+480700
700=700