SOLUTION: Mr. Rich invested $14,000, part at 8% and the rest at 6%. If the annual incomes from both investments were equal, find the amount he invested at each rate.
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Question 414941: Mr. Rich invested $14,000, part at 8% and the rest at 6%. If the annual incomes from both investments were equal, find the amount he invested at each rate. Answer by ankor@dixie-net.com(22740) (Show Source):
You can put this solution on YOUR website! Mr. Rich invested $14,000, part at 8% and the rest at 6%.
If the annual incomes from both investments were equal, find the amount he invested at each rate.
:
Let x = amt invested at 8%
the given total is 14000, therefore:
(14000-x) = amt invested at 6%
:
Interest earned at 8%: .08x
interest earned at 6%: .06(14000-x)
:
It says the interest amts are equal, therefore:
.08x = .06(14000-x)
.08x = 840 - .06x
.08x + .06x = 840
.14x = 840
x =
x = $6000 invested at 8%
and
14000 - 6000 = $8000 invested at 6%
:
:
Confirm this solution by finding the actual interest earned by each:
.08 * 6000 = 480
.06 * 8000 = 480
