SOLUTION: Help Please!! A loan officer at a bank has 1,000,000 to lend and is required to obtain an average return of 18%. If he can lend at the rate of 19% and 16%, how much can he lend a
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Question 5059: Help Please!! A loan officer at a bank has 1,000,000 to lend and is required to obtain an average return of 18%. If he can lend at the rate of 19% and 16%, how much can he lend at the 16% rate and still meet his requirements? Thanks for your Help. Caroline Answer by rapaljer(4671) (Show Source):
You can put this solution on YOUR website! Let x = amount invested at 16%. The rest of the $1,000,000, which is
1000000-x = amountinvested at 19%. The total investment must be 18% of $1000000.
