SOLUTION: The financial board of a corporation invested $30,000 overseas, part at 7% and part at 8% annual interest. Find the amount invested at each rate if the first-year combined income f
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Question 901375: The financial board of a corporation invested $30,000 overseas, part at 7% and part at 8% annual interest. Find the amount invested at each rate if the first-year combined income from the two investments was $2,210. Answer by richwmiller(17219) (Show Source):
You can put this solution on YOUR website! x+y=30000,
0.07*x+0.08*y=2210
x=30000-y
0.07*(30000-y)+0.08*y=2210
2100-0.07y+0.08*y=2210
0.01*y=110
y=11000 at 8%
x=30000-y
x=19000 at 7%
check
0.07*19000+0.08*11000=2210
1330+880=2210
2210=2210
ok
