SOLUTION: An executive invests $22,000, some at 7% and some at 5% annual interest. If he receives an annual return of $1420, how much is invested at each rate?
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Question 355198: An executive invests $22,000, some at 7% and some at 5% annual interest. If he receives an annual return of $1420, how much is invested at each rate?
You can put this solution on YOUR website! Let be the amount invested at 7%, the amount at 5%.
Total amount invested:
1.
Total interest obtained:
2.
Multiply eq. 1 by (-5) and add to eq. 2 to eliminate and solve for .
Then from eq. 1,
