SOLUTION: Two investments totaling $36000 produce an annual income of $2715. one investment yields 6% per year, while the other yields 9% per year. How much is invested at each rate?
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Question 908557: Two investments totaling $36000 produce an annual income of $2715. one investment yields 6% per year, while the other yields 9% per year. How much is invested at each rate? Answer by richwmiller(17219) (Show Source):
You can put this solution on YOUR website! Total amount of money invested: $36000
x+y=36000,
Total yearly interest for the two accounts is: $2715
0.06*x+0.09*y=2715
x=36000-y
Substitute for x
0.06*(36000-y)+0.09*y=2715
Multiply out
2160-0.06*y+0.09*y=2715
Combine like terms.
0.03*y=555
Isolate y
y=$18500.00 at 9%
x=36000-y
Calculate x
x=$17500.00 at 6%
Check
0.06*17500+0.09*18500=2715
1050+1665=2715
2715=2715
If this statement is TRUE and neither x nor y is negative then all is well
