SOLUTION: Fred invests a part of $51,000 at 8% and the rest at 9%. If the annual incomes from the two investments are equal, how much does he invest at each rate?
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Question 664879: Fred invests a part of $51,000 at 8% and the rest at 9%. If the annual incomes from the two investments are equal, how much does he invest at each rate? Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! 8%------------- x
9%---------------y
x+y = 51000................(1)
0.08x=0.09y
8x=9y
8x-9y=0.....................(2)
Eliminate y
multiply (1)by 9
Multiply (2) by 1
9 x \ 9 y = 459000
8 x -9 y = 0
Add the two equations
17 x = 459000
/ 17
x = 27000
plug value of x in (1)
1 x + 1 y = 51000
27000 + y = 51000
y = 51000 -27000
y = 24000
y = 24000
$27000-------- 8%
$24000------- 9%
m.ananth@hotmail.ca
