SOLUTION: a man invests $20000 to yield $1280 interest annually.If part of his investment pays 6% annually and the rest of his investment pays 7% annually,how much does he invest at each rat
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Question 983191: a man invests $20000 to yield $1280 interest annually.If part of his investment pays 6% annually and the rest of his investment pays 7% annually,how much does he invest at each rate?
You can put this solution on YOUR website! .
x=amount at 6%; y=amount at 7%
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x+y=$20000
x=$20000-y
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0.06x+0.07y=$1280
0.06($20000-y)+0.07y=$1280
$1200-0.06y+0.07y=$1280
0.01y=$80
y=$8000 ANSWER 1: $8000 was invested at 7%.
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x=$20000-y
x=$20000-$8000
x=$12000 ANSWER 2: $12000 was invested at 6%.
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CHECK:
0.06x+0.07y=$1280
0.06($12000)+0.07($8000)=$1280
$720+$560=$1280
$1280=$1280
