SOLUTION: Remember Little Johnny? He now has two investments that produce a $150 income each month. If $1,000 more is invested at 9% than at 10% per year, how much was invested at each per
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: Remember Little Johnny? He now has two investments that produce a $150 income each month. If $1,000 more is invested at 9% than at 10% per year, how much was invested at each per
Log On
Question 374126: Remember Little Johnny? He now has two investments that produce a $150 income each month. If $1,000 more is invested at 9% than at 10% per year, how much was invested at each percent? There were 12 months in that year. Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website! Let = amount invested at 9%
Let = mount invested at 10%
given: interest received during
the year from both investments
(1)
(2)
------------------
Multiply both sides of (2) by
(2)
(2)
By substitution:
(2)
And, from (1)
$10,000 was invested at 9% and
$9,000 was invested at 10%
