SOLUTION: Larry Mitchell invested part of his $34,000 advance at 6% annual interest rate and the rest at 4% annual interest rate. If his total yearly interest from both accounts was $1,540,
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Question 767176: Larry Mitchell invested part of his $34,000 advance at 6% annual interest rate and the rest at 4% annual interest rate. If his total yearly interest from both accounts was $1,540, find the amount at each rate. Answer by MaartenRU(13) (Show Source):
You can put this solution on YOUR website! Let's call the part he invested for 6% x. Then the other part will be 34000-x. Now, 6% of x plus 4% of 34000-x has to be 1540, or . So , or . So he invested 9000 dollars for 6% and 25000 dollars for 4%.
We can check, and it indeed holds:
