SOLUTION: An executive invests $10,000,some at 9% and some at 8% annual interest. If he receives an annual return of $830, how much is invested at each rate?

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Question 563812: An executive invests $10,000,some at 9% and some at 8% annual interest. If he receives an annual return of $830, how much is invested at each rate?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
An executive invests $10,000,some at 9% and some at 8% annual interest. If he receives an annual return of $830, how much is invested at each rate?
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Equations:
x + y = 10,000
0.09x + 0.08y = 830
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Multiply thru 1st by 9
Multiply thru 2nd by 100
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9x + 9y = 9*10,000
9x + 8y = 83000
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Subtract and solve for "y":
y = $7000 (amt. invested at 9%)
x = $3000 (amt. invested at 8%
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Cheers,
Stan H.
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