SOLUTION: An executive invests $29,000,some at 8% and some at 7% annual interest. If he receives an annual return of $2200,how much is invested at each rate at 8% interest at 7% intere

Algebra ->  Percentage-and-ratio-word-problems -> SOLUTION: An executive invests $29,000,some at 8% and some at 7% annual interest. If he receives an annual return of $2200,how much is invested at each rate at 8% interest at 7% intere      Log On


   

Question 340035: An executive invests $29,000,some at 8% and some at 7% annual interest. If he receives an annual return of $2200,how much is invested at each rate
at 8% interest
at 7% interest

Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
0.08x+0.07(29000-x)=2200
0.08x+2030-0.07x=2200
0.01x=170
x=$17,000 at 8%
29000-17000=$12,000 at 7%