SOLUTION: tom invested $14,000, part at 6% annual interest and part at 8% annual interest. How much is invested at each rate if total annual return is 950?

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Question 952764: tom invested $14,000, part at 6% annual interest and part at 8% annual interest. How much is invested at each rate if total annual return is 950?
Answer by macston(5194) About Me  (Show Source):
You can put this solution on YOUR website!
x=amount invested at 6%; y=amount invested at 8%
x+y=$14000
x=$14000-y
0.06x+0.08y=$950 Substitute for x.
0.06($14000-x)+0.08y=$950
$840-0.06y+0.08y=$950 Subtract $840 from each side.
0.02y=$110
y=$5500 ANSWER 1: $5500 was invested at 8%.
x=$14000-$5500=$8500 ANSWER 2: $8500 was invested at 6%.
CHECK:
0.06x+0.08y=$950
0.06($8500)+0.08($5500)=$950
$510+$440=$950
$950=$950