SOLUTION: An executive invests $22,000, some at 6% and some at 4% annual interest. If he receives an annual return of $1080, how much is invested at each rate?
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Question 405945: An executive invests $22,000, some at 6% and some at 4% annual interest. If he receives an annual return of $1080, how much is invested at each rate? Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! 6% per annum ------ x
4% per annum--------y
x+y =22,000....1
0.06x+0.04y=$1080.
multiply by 100
6x+4y=108000............(2)
multiply (1)-6
-6x-6y=-132000
add to (2)
-2y=-24000
/2
y = $12000 ===> at 4%
Balance $10,000 ay 6%
