SOLUTION:
An executive invests $24,000, some at 5% and some at 4% annual interest. If he receives an annual return of $1,100, how much is invested at each rate?
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An executive invests $24,000, some at 5% and some at 4% annual interest. If he receives an annual return of $1,100, how much is invested at each rate?
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Question 705281:
An executive invests $24,000, some at 5% and some at 4% annual interest. If he receives an annual return of $1,100, how much is invested at each rate? Answer by checkley79(3341) (Show Source):
You can put this solution on YOUR website! .05X+.04(24000-X)=1100
.05X+960-.04X=1100
.01X=1100-960
.01X=140
X=140/.01
X=14000 INVESTED @ 5%.
24000-14000=10000 INVESTED @ 4%.
PROOF:
.05*14000+.04*10000=1100
700+400=1100
1100=1100
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