SOLUTION: Tim invested $86,600 in two plans. Plan 1 is at an APR of 6% and plan 2 is at an APR of 11%. If he invested $8,000.00 less in plan 2 than in plan 1, how much can he expect to earn

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Tim invested $86,600 in two plans. Plan 1 is at an APR of 6% and plan 2 is at an APR of 11%. If he invested $8,000.00 less in plan 2 than in plan 1, how much can he expect to earn       Log On

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Question 351765: Tim invested $86,600 in two plans. Plan 1 is at an APR of 6% and plan 2 is at an APR of 11%. If he invested $8,000.00 less in plan 2 than in plan 1, how much can he expect to earn in one year?
Answer by checkley77(12844) About Me  (Show Source):
You can put this solution on YOUR website!
X+(X-8,000)=86,600
2X=86,600+8,000
2X=94,600X=94,600
X=94,600/2
X=47,300
.06X+.11(X-8,000)
.06*47,300+.11(47,300-8,000)
2,838+.11*39300
2,838+4323=$7,161 AMOUNT OF THE INTEREST.